Wheat is trading with 2 to 5 cent gains in the hard red contracts, with the soft red complex weaker. The wheat complex rallied across all three markets on Friday, to lead the grain complex. Chicago SRW futures posted 15 to 19 ½ cent gains on Friday, with May up 11 ¼ cents. Open interest was up 4,477 contracts on Friday. KC HRW futures were 17 to 21 ¼ cents in the green, as May was still down 4 ¾ cents last week. OI slipped 4,362 contracts. MPLS spring wheat was 8 to 15 3/4 cents higher in most contracts, with May up 12 ¾ cents. Short covering was noted to close out February.
Commitments of Traders data from Friday indicated managed money slashing 50,740 contracts from their net short position in CBT wheat as of Tuesday, taking it to 17,297 contracts. That is the smallest that position has been since October 2022. Spec funds in KC wheat held their first net long position since August 2023, flipping it by 14,813 contracts to a net long of 4,204 contracts.
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Weekly Export Sales for the week of 2/19 has the export commitment total at 22.998 MMT, 14% ahead of the same period last year. That is 94% of USDA’s export estimate and slightly behind the 96% average pace.
Saidi Arabia purchased a total of 794,000 MT of wheat in their tender over the weekend
Mar 26 CBOT Wheat closed at $5.91 1/4, up 19 1/2 cents, currently down 1 1/4 cents
May 26 CBOT Wheat closed at $5.91 1/2, up 17 cents, currently down 1 1/4 cents
Mar 26 KCBT Wheat closed at $5.72 3/4, up 21 1/4 cents, currently up 4 1/2 cents
May 26 KCBT Wheat closed at $5.80 1/2, up 18 1/4 cents, currently up 4 3/4 cents
Mar 26 MIAX Wheat closed at $5.99 1/4, up 15 3/4 cents, currently up 2 3/4 cents
May 26 MIAX Wheat closed at $6.13 3/4, up 14 cents, currently up 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
