Wheat Heads Home Higher on Friday

The wheat complex posted Friday gains across the board. Chicago contracts were up 2 to 4 1/2 cents, with Kansas City HRW futures 6 to 8 1/2 cents higher. MPLS was up 2 to 5 ¾ cents at the close for the week.

French soft wheat conditions were rated at 64% gd/ex as of 4/8, a 1% decline from the week prior according to the FanceAgriMer. Last year’s soft wheat ratings were 94% gd/ex, with the current data the lowest for the current week since 2020. Russia’s ag ministry raised their wheat export tax by 1.3% to 3,276.6 roubles/MT (95 cents/bu) as of April 17 through April 23. 

Spec funds in CBT wheat futures and options cut 5,376 contracts from their net short as of 4/9, taking it to 86,568 contracts. In KC wheat, they were adding 4,137 contracts to their net short, at 44,611 contracts on that Tuesday. 

May 24 CBOT Wheat  closed at $5.56, up 4 1/4 cents,

Jul 24 CBOT Wheat  closed at $5.70 3/4, up 4 1/2 cents,

May 24 KCBT Wheat  closed at $5.89 3/4, up 6 1/2 cents,

Jul 24 KCBT Wheat  closed at $5.87, up 8 1/2 cents,

Jul 24 MGEX Wheat  closed at $6.50, up 4 3/4 cents,

On the date of publication, Alan Brugler 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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