On Friday, the wheat market closed with weakness in three exchanges. The Chicago SRW Futures was falling back 3 to 5 cents in the session. The Census City HRW contracts were leading the charge lower, with contracts of 14 to 15 cents. MPLS Spring Wheat is 6 to 8 cents below the front months.
The CFTC traders’ data on Friday afternoon showed bookies in Chicago wheat, which adds 11,919 contracts to their net short as 92,587 contracts on Tuesday. In Casey, they were trimming that large net short by 1,213 contracts for 45,450 contracts by 25 March.
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The USDA export sales figures include wheat commitments at 21.092 MMT as 3/20, which is 12% ahead of the same week last year. It is also just 93% of the USDA launch and is behind at an average speed of 101%.
The NASS will report on 1 March Grain stock data on next Monday, with traders’ Bloomberg Survey seeking an average of 1.221 BBU wheat. The range ranges from 1.169 to 1.26 BBU for March 1.
25 May CBOT Wheat Closed at $ 5.28 1/4, 3 3/4 cents below,
Jul 25 cbot wheat Closed at $ 5.42 3/4, 4 1/2 cents below,
May 25 KCBT Wheat Closed at $ 5.51 3/4, 14 1/2 cents below,
July 25 KCBT Wheat Closed at $ 5.65 1/2, 14 1/4 cents below,
25 May Magex Wheat Closed at $ 5.81, 7 1/2 cents below,
Jul 25 mgex wheat Closed at $ 5.96 1/2, 6 3/4 cents below,
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The idea and opinion expressed here are the idea and opinion of the author and not necessarily Nasdac, Inc.
