Wheat futures will resume trading at 8:30 AM CST this morning. CME data showed 54k Jan SRW options were dropped on Friday, the current put/call ratio for remaining SRW options is 0.568:1 with 193k in play. Chicago wheat closed higher on Friday with front month gains of 2 ½ to 3 ¾ cents. The Hard wheat futures were fractionally weaker in Minneapolis and ¾ to 3 ¾ cents weaker in KC. That left the SRW contract with a net weekly loss of 13 cents, compared to the 19 ¾ cent loss for HRW.
Commitment of Traders data released after the close on Friday had SRW spec traders closing nearly 20k contracts. The short covering had the upper hand, reducing their net short by a net 4.5k contracts to 65,032. In KC wheat, the funds were 1,462 contracts less net short at 29,242. Managed money had closed more longs than shorts in Minneapolis, leaving the group with a 27,299 contract net short for 12/19.
Mar 24 CBOT Wheat closed at $6.16 1/4, up 3 3/4 cents,
May 24 CBOT Wheat closed at $6.27 1/2, up 3 1/2 cents,
Mar 24 KCBT Wheat closed at $6.23, down 3 3/4 cents,
Mar 24 MGEX Wheat closed at $7.14 1/4, down 0 cent,
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.
