Wheat Rallying Early on Monday
Wheat is starting Monday with double digit strength. The wheat complex was mixed on Friday, KC leading the way to the downside. Chicago SRW contracts settled the session with contracts steady to as much as 3 cents higher with the deferreds the leaders, as December was 20 ¼ cents lower on the week. Open interest was up 2,714 contracts on Friday. KC HRW futures were steady to 3 ¼ cents lower on the Friday session, as December fell 26 ¾ cents on the week. Open interest was up 1,631 contracts. MPLS spring wheat was mixed, with contracts 2 ¾ cents lower to 1 ¼ cents higher, as December slipped back 15 ½ cents for the week.
Commitment of Traders data from CFTC showed managed money adding 8,526 contracts to their net short position in Chicago wheat futures and options, taking it to 21,670 contracts as of Tuesday. In Kansas City wheat futures and options, they were busy cutting back 11,033 contracts from their net long position to just 30,710 contracts as of September 29th.
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USDA’s Export Sales report from Thursday took total wheat export sales to 9.737 MMT, which is 31% below the same time last year. That is also 46% of the USDA projected export total and lags the 56% average pace.
The Saudi Arabia tender for wheat was filled overnight, with total purchases of 683,000 MT of wheat.
Dec 26 CBOT Wheat closed at $6.83, up 1/4 cent, currently up 12 3/4 cents
Mar 27 CBOT Wheat closed at $6.96 3/4, down 1/4 cent, currently up 12 1/4 cents
Dec 26 KCBT Wheat closed at $7.35 1/4, down 2 1/4 cents, currently up 12 cents
Mar 27 KCBT Wheat closed at $7.48, down 3 cents, currently up 12 1/2 cents
Dec 26 MIAX Wheat closed at $6.98, up 1 1/4 cents, currently up 9 3/4 cents
Mar 27 MIAX Wheat closed at $7.17 1/4, down 3/4 cent, currently up 9 3/4 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.
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