Wheat contracts are experiencing mixed trading outcomes as of April 10, 2023. Chicago SRW futures are down between 3.5 to 6 cents, with May futures closing at $5.71, marking a 25 cents decline for the week. The total open interest in wheat decreased by 3,105 contracts, with Commitment of Traders data showing a net short position of 5,633 contracts for CBT wheat specs. Meanwhile, KC HRW futures have seen a decrease of ¾ to 3 cents, with the May contract falling 25 cents on the week.
In the crude oil market, prices jumped by $7.71 following the collapse of US/Iran negotiations. The United States is set to impose a blockade on the Strait of Hormuz, aimed at restricting oil flow from Iran. Additionally, export sales for wheat have reached 24.441 million metric tons (MMT), a 13% year-over-year increase, aligning with USDA estimates, while shipments stand at 20.379 MMT as of April 2, 18% higher than the previous year.
