Wheat Falls into Friday’s Close
The wheat complex saw lower trade across all three exchanges on Friday, to close the week on a lower note. Chicago SRW futures were down 8 1/2 to 13 3/4 cents across the board, as December held onto a 9 ¾ cent weekly gain. KC HRW contracts were 11 to 13 3/4 cents lower on the day, with Dec settling the week with a 21 ¼ cent rally. MPLS spring wheat was down 6 to 7 3/4 cents on the session, with Dec up 30 ¼ cents this week.\
Money managers in Chicago wheat were trimming 3,516 contracts from their net short as of 10/1 to 22,953 contracts, which is the smallest net short in nearly 2 years. In KC wheat they pared back 4,676 contracts to a net short of 15,270 contracts.
Weekly Export Sales indicated total export commitments for wheat and products are now 23% above the previous year and a 3-year high at 11.713 MMT. That is 52% of the full year USDA projection, which is above last year’s pace, with the 5-year average sales pace at 56%.
The FranceAgriMer pegged the country’s soft wheat crop at 1% planted as of September 30.
Dec 24 CBOT Wheat closed at $5.89 3/4, down 13 3/4 cents,
Mar 25 CBOT Wheat closed at $6.12 3/4, down 13 3/4 cents,
Dec 24 KCBT Wheat closed at $5.98, down 13 1/2 cents,
Mar 25 KCBT Wheat closed at $6.14 1/2, down 13 1/2 cents,
Dec 24 MGEX Wheat closed at $6.38 1/2, down 7 3/4 cents,
Mar 25 MGEX Wheat closed at $6.60, down 7 1/4 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.
