Wheat is trading lower across the winter wheat contracts on Tuesday morning, with spring wheat steady. The wheat complex rallied into the long weekend with gains across the three markets. Chicago SRW futures were 7 to 8 cents higher on Friday, with March up just ¾ cent from last week. Some short covering was noted, with open interest down 1,699 contracts. KC HRW futures saw Friday gains of 9 to 10 cents in the nearbys, with March down 3 cents on the week. OI was up 1,885 contracts on Friday. MPLS spring wheat was up 2 to 3 cents across the front months on Friday, with March down 2 ½ cents last week.
The weekly CFTC update via Commitment of Traders data showed managed money trimming just 936 contracts from their net short in CBT wheat futures and options to 106,229 contracts by Tuesday. As of January 13, specs were net short just 12,781 contracts in KC wheat futures and options, a 2,874 contract reduction from the week prior.
Export Sales data is fully updated through January 8, with total wheat commitments at 20.392 MMT, which is 15% above last year. That is also 83% of USDA’s export projection and slightly behind the 85% average pace. Export shipments at 15.465 MMT are now 63% of the USDA estimate and ahead of the 59% average shipping pace.
Saudi Arabia purchased a total of 907,000 MT of wheat in a tender on Monday. Algeria also purchased an estimates 600,000 MT of wheat in a tender on Monday.
Mar 26 CBOT Wheat closed at $5.18, up 7 1/2 cents, currently down 3 3/4 cents
May 26 CBOT Wheat closed at $5.28 3/4, up 7 1/4 cents, currently down 3 1/4 cents
Mar 26 KCBT Wheat closed at $5.27 1/4, up 10 cents, currently down 2 1/4 cents
May 26 KCBT Wheat closed at $5.38 1/4, up 9 1/2 cents, currently down 2 1/4 cents
Mar 26 MIAX Wheat closed at $5.65, up 2 1/2 cents, currently unchanged
May 26 MIAX Wheat closed at $5.77 1/2, up 2 1/2 cents, currently up 1 1/2 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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