The wheat complex was in rally mode all week. Chicago SRW futures gained 13 to 14 cents at the close, up from 24 ¾ cents in the March week. Casey HRW futures were 6 to 9 cents higher on Friday, after rising 29 ¾ cents for March this week. MPLS spring wheat was finally 4 to 5 1/2 cents in the green, with the March rally at 15 ½ cents for the week.
This morning’s export sales data shows that 287,974 metric tons of wheat was sold for the week of 2/12. This was 40.99% lower than the previous week and 45.94% lower than the same week last year. The top buyer was Mexico with 59,000 metric tons, 55,000 metric tons were sold to the Philippines, and 46,200 metric tons were sold to the Dominican Republic.
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Commitment of Traders data indicates that specific funds reduced their net short position in Chicago wheat by 17,618 contracts in the week of 2/17, bringing the total position to 68,037 contracts. In Casey Wheat, they reduced their net short by 8,887 contracts to 10,609 contracts.
Much of the US HRW region is expected to remain dry over the next week, with the long-term 90-day CPC Outlook released Thursday by NOAA showing warmer temperatures in the South and dryness through May.
French soft wheat is rated 88% good/excellent, according to FranceAgrimer, down 3 points from last week.
26 March CBOT Wheat closed at $5.73 1/2, up 14 cents.
May 26 CBOT Wheat closed at $5.80 1/4, up 13 1/2 cents.
March 26 KCBT Wheat Closed at $5.72 1/4, up 6 3/4 cents,
26 May KCBT Wheat closed at $5.85 1/4, up 8 1/2 cents.
March 26 MIAX Wheat Closed at $5.87 1/4, up 4 3/4 cents,
May 26 MIAX Wheat closed at $6.00, up 5 1/2 cents.
On the date of publication, Austin Schroeder did not have (directly or indirectly) any positions in any securities mentioned in this article. All information and data in this article is for informational purposes only. Please see the Barchart Disclosure Policy here for more information.
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