Wheat is trading with Wednesday weakness, as contracts are having a delayed response to USDA’s added world production from Tuesday. Chicago SRW futures are down 6 to 8 cents in the nearbys. KC HRW futures are down 4 to 6 cents. There were 11 deliveries issued against December KC wheat overnight. MPLS spring wheat are down 4 to 5 cents.
A delayed Commitment of Traders report showed managed money trimming 4,520 contracts from their net short in CBT wheat to 70,613 contracts as of 11/4. In KC wheat, speculators were cutting 9,254 contracts from their net short to 42,454 contracts.
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In Tuesday’s WASDE, world stocks were raised by 3.44 MMT to 274.87 MMT. That came mainly on another 8.92 MMT increase to production, with Canada (+3), Australia (+1), Argentina (+2), the EU (+1.7) and Russia (+1) all seeing a hike.
Dec 25 CBOT Wheat is at $5.30 1/4, down 6 cents,
Mar 26 CBOT Wheat is at $5.27, down 7 1/2 cents,
Dec 25 KCBT Wheat is at $5.19, down 1 1/4 cents,
Mar 26 KCBT Wheat is at $5.21 1/2, down 5 1/2 cents,
Dec 25 MGEX Wheat is at $5.81 1/2, unch,
Mar 26 MGEX Wheat is at $5.72 1/4, down 4 cents
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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