Wheat is trading with weakness out of the gates on Monday, as contracts are down across the three markets. The wheat complex closed with losses across the board on Friday. Chicago SRW futures were down 3 1/4 to 4 3/4 cents across the board on the day, with December still up 7 ¾ cents on the week. KC HRW contracts posted 1 ¼ to 2 ½ cent losses across most contracts on Friday, with December 14 ¼ cents higher on the week. MPLS spring wheat was down fractionally to 2 1/4 cents on the Friday session, with Dec up 13 ¾ cents for the week. December wheat options expired on Friday, with first notice day this comingFriday. The US dollar index extended its strength on Friday to 2-year highs to add some pressure.
CFTC’s Commitment of Traders report tallied managed money in Chicago wheat at a net short 51,546 contracts, an increase of 6,239 contracts on the week. In KC, the were net shoer 29,375 contracts, a 4,277 jump since the previous Tuesday. For MGE spring wheat, they were near a record net short, at 30,002 contracts, an additional 7,578 contracts from the week prior.
Export Sales data released on Thursday tallied marketing year wheat and product shipments at a 32% increase yr/yr at 10.078 MMT. That is 44% of USDA’s projected total for the MY, lagging the 47% average pace. Total commitments are now 14.939 MMT, which is 23% above a year ago, and 67% of the USDA number, slightly behind the 69% average pace.
The French soft wheat crop is listed at 90% planted, up from the 78% in the week prior and 73% from the same week last year. The crop was listed at 88% in good or excellent condition, up from the 83% last year.
Dec 24 CBOT Wheat closed at $5.44 1/4, down 4 1/2 cents, currently down 8 1/4 cents
Mar 25 CBOT Wheat closed at $5.64 3/4, down 4 3/4 cents, currently down 7 3/4 cents
Dec 24 KCBT Wheat closed at $5.54 1/4, down 1 1/4 cents, currently down 9 cents
Mar 25 KCBT Wheat closed at $5.65 1/2, down 1 3/4 cents, currently down 9 1/4 cents
Dec 24 MGEX Wheat closed at $5.86, down 2 cents, currently down 5 cents
Mar 25 MGEX Wheat closed at $6.01 1/2, down 3/4 cent, currently down 6 1/2 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. More news from Barchart- Corn Demand in Focus: What The Cash Market May Be Trying To Say
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