The wheat market showed mixed results on Friday, with Chicago SRW futures rising by 1 to 2 cents but closing the week down 19 ½ cents. In contrast, KC HRW futures saw losses of 1 to 2 cents, down 2 ¾ cents for the week. Meanwhile, MPLS spring wheat increased by 5 to 6 cents and ended the week up 2 ¼ cents.
On Monday, the Export Sales report for the week ending December 4 is expected, with analysts forecasting wheat sales between 300,000 and 600,000 metric tons. Additionally, South Korea purchased a total of 50,000 metric tons of wheat from the U.S. and 9,200 metric tons from Canada. The Buenos Aires Grain Exchange has estimated Argentina’s wheat crop at 27.1 million metric tons, an increase of 1.6 million metric tons from previous projections.
As of December 19, spec traders have added 2,228 contracts to the net short position in CBT wheat, totaling 46,069 contracts, while managed money trimmed their net short position in KC wheat by 900 contracts to 17,011 contracts.
