The wheat complex is showing lower trade at Monday’s midday, as contracts are pulling off some of the early lows. Chicago SRW futures are down 9 to 10 cents in the nearbys on Monday. KC HRW contracts are 5 to 6 cents lower so far on the day. MPLS spring wheat is 4 to 5 cents in the red at midday. Outside pressure from a stronger US dollar index, up 555 points, is weighing on the market.
Rains making their way back into the Southern Plains over the weekend are putting some pressure on the winter wheat markets.
The weekly Commitment of Traders report tallied the large managed money speculators in Chicago wheat at a net short of 30,781 contracts by November 5, a 391 contracts reduction on the week. In KC wheat they were busy adding to their net long by 4,920 contracts to 14,080 contracts.
Dec 24 CBOT Wheat is at $5.63, down 9 1/2 cents,
Mar 25 CBOT Wheat is at $5.78 1/4, down 9 1/4 cents,
Dec 24 KCBT Wheat is at $5.58 3/4, down 5 1/2 cents,
Mar 25 KCBT Wheat is at $5.72 1/4, down 5 1/4 cents,
Dec 24 MGEX Wheat is at $5.93 1/4, down 4 1/2 cents,
Mar 25 MGEX Wheat is at $6.13 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
