The wheat market experienced mixed results on Wednesday, with Kansas City hard red winter (HRW) wheat futures up by 2 to 3 cents, while Chicago soft red winter (SRW) futures decreased by 2 to 3 ¼ cents. The Minneapolis (MPLS) spring wheat also fell by 3 cents in nearby contracts. Notably, the USDA reported a cancellation of 132,000 metric tons of white wheat sales to China.
In trading data, managed money reduced their net short positions in CBT wheat by 9,905 contracts, bringing the total net short to 43,841 contracts. Kansas City wheat saw a decrease in net shorts by 4,153 contracts to 17,911. A South Korean buyer secured 20,800 metric tons of U.S. wheat overnight.
As of the close on March 26: CBOT wheat for March was at $5.06 ¼ (down 3 ¼ cents), May at $5.17 ¼ (down 2 ¼ cents); KCBT wheat for March was at $5.07 ¾ (up 2 ¾ cents), May at $5.20 ¼ (up 2 ¾ cents); MGEX wheat for March at $5.62 (down 3 cents), May at $5.73 ½ (down 3 cents).
