Wheat Mostly Lower on Monday Morning
Wheat is trading with weaker winter wheat action, as spring wheat is steady. The wheat complex was mixed to round out the week with the spring wheat market reverting lower. CBT soft red wheat futures were 2 to 3 cents in the green to close out the week that say September down 8 cents. KC HRW futures managed to close with 2 to 3 cent gains on Friday, as September was 11 ¼ cents lower on the week. MPLS spring wheat slipped back 2 to 3 cents on the day, with September down 6 ¾ cents last week.
Weekly Commitment of Traders data showed managed money adding 8,526 contracts to their net short position in CBT wheat as of Tuesday to 89,295 contracts. In KC wheat specs trimmed back 6,508 contracts from their net short to 50,555 contracts
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Russia’s wheat crop is projected to total 85.5 MMT, which is up from the 84.5 MMT previous estimate. The country’s export forecast was increased by 1 MMT to 42.5 MMT.
Sep 25 CBOT Wheat closed at $5.06 1/2, up 3 cents, currently down 2 1/4 cents
Dec 25 CBOT Wheat closed at $5.27, up 2 1/2 cents, currently down 1 3/4 cents
Sep 25 KCBT Wheat closed at $5.07, up 2 3/4 cents, currently down 3 1/2 cents
Dec 25 KCBT Wheat closed at $5.28 1/2, up 2 1/2 cents, currently down 3 1/4 cents
Sep 25 MGEX Wheat closed at $5.70, down 2 cents, currently unch
Dec 25 MGEX Wheat closed at $5.89 1/4, down 2 3/4 cents, currently up ¼ cent
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.
