Wheat is trading with contracts mixed and winter wheats holding higher. The wheat complex posted gains across the three exchanges to close out the Monday session. Chicago SRW futures closed with 5 to 6 cent gains. Open interest was down 4,044 contracts, indicating short covering. KC HRW futures were 5 to 6 cents in the green at the final bell. MPLS spring wheat was fractionally higher at the close.
Monday morning’s Export Inspections report showed a total of just 183,305 MT (6.74 mbu) of wheat shipped in the week of 1/1. That was 42.47% below the week prior and 55.57% lower than the same week last year. The Philippines was as the largest destination of 74,996 MT, with 70,722 MT shipped to Mexico and 33,571 MT to Japan. The marketing year total is now 15.263 MMT (560.8 mbu) of wheat shipped, which is now 19.64% above the same period last year.
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USDA Export Sales data from Monday for the week of Christmas showed just 95,385 MT of wheat sold, below trade ideas looking for between 100,000 to 500,000 MT. That was a marketing year low and down 32.15% from the same week last year.
The last catchup CFTC Commitment of Traders report showed managed money increasing their net short in CBT wheat futures and options as of 12/30 to 94,626 contracts. In KC wheat, spec funds were net short 18,319 contracts last Tuesday, a reduction of 6,430 contracts on that week.
Mar 26 CBOT Wheat closed at $5.12 1/2, up 6 cents, currently unch
May 26 CBOT Wheat closed at $5.23 1/2, up 5 1/4 cents, currently up 1/4 cent
Mar 26 KCBT Wheat closed at $5.20 3/4, up 5 3/4 cents, currently up 1 cent
May 26 KCBT Wheat closed at $5.33 1/4, up 5 1/4 cents, currently up 3/4 cent
Mar 26 MIAX Wheat closed at $5.71 1/4, up 1/2 cent, currently down 1 cent
May 26 MIAX Wheat closed at $5.82 3/4, up 1/4 cent, currently down 1/4 cent
On the date of publication,
Austin Schroeder
did not have (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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