The wheat market posted Friday losses across the three markets to end the week. CBT soft red wheat futures closed the day with 6 to 7 ¼ cent losses, as the Friday action aw December down 2 ¾ cents this week. KC HRW futures were 6 to 7 cents lower on the session, with December ending the week 1 ¾ cents lower than it started. MPLS spring wheat futures posted losses of 5 to 6 cents on Friday, with December managing to hold onto a ¼ cent gain since last Friday.
Spec traders in Chicago wheat futures and options increased their net short position by 12,110 contracts to 97,935 contracts as of September 23. In Kansas City wheat, managed money was busy trimming back their net short by 1.230 contracts as of Tuesday to 50,304 contracts.
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The weekly USDA Export Sales report has export sale commitments now at 13.699 MMT, which is up 23% from last year and the highest since 2013/14. That is 56% of the USDA export projection and ahead of the 5-year average pace at 54%.
USDA’s Grain Stocks report will be released on Tuesday, with analysts looking for 2.054 bbu of wheat stocks on hand on September 1 according to Bloomberg’s survey. The range of estimates is 1.975 to 2.22 bbu.
Sovecon estimates the Russian wheat exports at 43.4 MMT, down 0.3 MMT from the previous estimate.
Dec 25 CBOT Wheat closed at $5.19 3/4, down 7 1/4 cents,
Mar 26 CBOT Wheat closed at $5.38 1/4, down 6 3/4 cents,
Dec 25 KCBT Wheat closed at $5.05 1/2, down 6 3/4 cents,
Mar 26 KCBT Wheat closed at $5.26 1/4, down 7 cents,
Dec 25 MGEX Wheat closed at $5.68 3/4, down 5 1/4 cents,
Mar 26 MGEX Wheat closed at $5.88, 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
