Wheat Market Sees Declines Across Multiple Exchanges

The wheat market experienced declines on Friday across three major exchanges. Chicago SRW futures fell by 3 to 5 cents during the session. Leading the downward trend were Kansas City HRW contracts, which dropped 14 to 15 cents. Meanwhile, MPLS spring wheat saw decreases ranging from 6 to 8 cents for the front months.

Commitment of Traders Report Insights

The Commitment of Traders data released by the CFTC on Friday afternoon revealed that speculators in Chicago wheat increased their net short positions by 11,919 contracts, totaling 92,587 contracts as of Tuesday. In Kansas City, traders reduced their large net short by 1,213 contracts, bringing that number to 45,450 by March 25.

USDA Export Sales Data Update

According to the USDA’s Export Sales report, wheat commitments stand at 21.092 MMT as of March 20, which represents a 12% increase compared to the same week last year. However, this figure only reaches 93% of the USDA’s projection and falls short of the 101% average pace.

Upcoming Grain Stocks Report

NASS is set to report the March 1 Grain Stocks data next Monday. A Bloomberg survey among traders anticipates an average of 1.221 billion bushels (bbu) of wheat on hand. Projections vary, with a range from 1.169 to 1.26 bbu for the March 1 total.

Wheat Futures Closing Prices

Closing prices on Friday for various wheat futures were as follows:

• May 25 CBOT Wheat: $5.28 1/4, down 3 3/4 cents
• Jul 25 CBOT Wheat: $5.42 3/4, down 4 1/2 cents
• May 25 KCBT Wheat: $5.51 3/4, down 14 1/2 cents
• Jul 25 KCBT Wheat: $5.65 1/2, down 14 1/4 cents
• May 25 MGEX Wheat: $5.81, down 7 1/2 cents
• Jul 25 MGEX Wheat: $5.96 1/2, down 6 3/4 cents

On the date of publication, Austin Schroeder did not hold (either directly or indirectly) any positions in the securities mentioned in this article. All information and data contained herein are for informational purposes only. For more information, please view the Barchart Disclosure Policy.

The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.