Wheat Market Sees Decline Despite Weekly Gains

The wheat complex experienced a downturn on Friday, with contracts declining across the three major markets. Chicago SRW futures fell by 7 to 8 cents, although the May contract closed the week with a slight gain of ¾ cent. In Kansas City, HRW contracts dropped by 10 to 12 cents, while the May contract posted a 5 ¾ cent increase during the week. MPLS spring wheat also saw declines of 6 to 8 cents, but the May contract managed a weekly increase of 3 ½ cents.

The Commitment of Traders report from the CFTC released Friday afternoon indicated that speculators in Chicago wheat increased their net short position by 19,453 contracts, totaling 112,040 contracts as of Tuesday. In Kansas City, speculators added 225 contracts to their net short position, reaching 45,675 contracts by April 1.

Export Commitments and Sales Reports

According to Thursday’s USDA Export Sales report, wheat export commitments for the 2024/25 marketing year reached 21.433 MMT, marking a 14% increase compared to last year. This figure represents 94% of the USDA forecast, indicating a sales pace that is behind the 101% average.

Closing Prices

May 25 CBOT Wheat closed at $5.29, down 7 cents.

Jul 25 CBOT Wheat closed at $5.42 ¾, down 7 ¼ cents.

May 25 KCBT Wheat closed at $5.57 ½, down 11 ½ cents.

Jul 25 KCBT Wheat closed at $5.70, down 10 ¾ cents.

May 25 MGEX Wheat closed at $5.84 ½, down 6 ¾ cents.

Jul 25 MGEX Wheat closed at $5.99 ¾, down 7 ¼ cents.

On the date of publication, Austin Schroeder did not hold (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
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