Wheat futures are starting off Monday with early losses in the three markets. The complex was rallying on Friday, with the three exchanges higher. Chicago SRW futures were back up 16 to 18 cents in the front months, with the front month May rallying 26 ¾ cents. Preliminary open interest was down 11,294 contracts, suggesting some short covering. Kansas City HRW contracts were 10 to 11 cents higher on the session, as May climbed 10 ½ cents from last Friday. MPLS spring wheat was up 12 to 13 cents across the front months at the close, with nearby May up 30 ½ cents. The US dollar index collapsed again on Friday, closing below $100.
Precip is in the forecast for the next week in parts of the Southern Plains, reaching from portions of the TX panhandle to western KS and heavier totals moving east to the Mississippi River.
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The weekly CFTC Commitment of Traders report showed managed money cutting 9,908 contracts from their net short to 102,132 contracts by April 8. In KC wheat, they added 4,159 contracts to their net short at 49,834 contracts.
French soft wheat crop ratings were tallied at 75% good/excellent, a drop of 1% on the week according to FranceArgiMer data. APK-Inform estimates that the Ukraine wheat crop will be down 1% from the year prior to 21.5 MMT in a release on Monday.
May 25 CBOT Wheat closed at $5.55 3/4, up 17 3/4 cents, currently down 6 1/4 cents
Jul 25 CBOT Wheat closed at $5.70 1/4, up 16 3/4 cents, currently down 6 1/2 cents
May 25 KCBT Wheat closed at $5.68, up 10 cents, currently down 10 1/2 cents
Jul 25 KCBT Wheat closed at $5.83 1/4, up 10 1/4 cents, currently down 10 3/4 cents
May 25 MGEX Wheat closed at $6.15, up 13 cents, currently down 5 1/2 cents
Jul 25 MGEX Wheat closed at $6.28 1/2, up 12 cents, currently down 5 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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