Wheat prices showed gains across various markets on Friday, with Chicago SRW futures increasing by 15 to 19 ½ cents, and May futures up 11 ¼ cents, closing at $5.91 ¼. KC HRW futures rose 17 to 21 ¼ cents, while MPLS spring wheat was up 8 to 15 ¾ cents, as May closed at $6.13 ¾, up 14 cents. Open interest increased by 4,477 contracts for SRW but decreased by 4,362 contracts for HRW.
Data from the Commitments of Traders report on Friday indicated that managed money significantly reduced their net short position in CBT wheat by 50,740 contracts, now standing at 17,297 contracts, the lowest since October 2022. Furthermore, spec funds in KC wheat flipped to a net long position, gaining 14,813 contracts for a total of 4,204 contracts.
For the week ending February 19, weekly export sales showed a total commitment of 22.998 million metric tons (MMT), 14% higher than the same period last year, accounting for 94% of the USDA’s export estimate. Additionally, Saudi Arabia purchased 794,000 metric tons of wheat over the weekend.
