Wheat is trading with gains of 2 to 5 cents in hard red contracts, with soft red complex weakness. The wheat complex gathered in all three markets on Friday to lead the grain complex. Chicago SRW futures posted gains of 15 to 19 ½ cents on Friday, with May 11 ¼ cents. Open interest rose 4,477 contracts on Friday. KC HRW futures were 17 to 21 ¼ cents in the green, as May was still 4 ¾ cents lower last week. OI bought 4,362 contracts. MPLS spring wheat was 8 to 15 3/4 cents higher in most contracts, with May 12 ¾ cents higher. Short coverage is noted for the end of February.
Traders’ data commitments from Friday showed investors managed to reduce their net short position in CBT wheat by 50,740 contracts as of Tuesday, bringing it to 17,297 contracts. This is the smallest position since October 2022. Spike funds had their first net long position in KC wheat since August 2023, moving it up 14,813 contracts to a net long of 4,204 contracts.
Weekly export sales for the week of 2/19 totaled 22.998 MMT of export commitments, 14% ahead of the same period last year. This is 94% of the USDA export estimate and slightly behind the average pace of 96%.
Saudi Arabia bids a total of 794,000 MT of wheat over the weekend
March 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
March 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.
March 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.
As of the date of publication, Austin Schroder had no positions (either directly or indirectly) in the securities mentioned in this article. All information and data in this article is for informational purposes only. This article was originally published on Barchart.com
