The wheat market surged to three-year highs, with Chicago SRW contracts rising 10.5 to 24.25 cents on Friday, September 26, 2023. September futures closed at $7.67, up 24.25 cents, while KC HRW futures gained 10 to 24.25 cents, with September closing at $8.27. MPLS spring wheat also saw increases, with September contracts up 47 cents for the week.
Key factors driving prices include export disruptions from the Black Sea, exacerbated by a merchant vessel sinking off the Romanian coast. Export Sales data reported wheat sales at 8.342 million metric tons, a 31% decline year-over-year, representing 40% of the USDA’s export projection, compared to the 52% average.
The weekly CFTC report indicated managed money reduced their net short position on CBT wheat by 12,314 contracts, now standing at a net short of 14,171. Conversely, speculators in KC wheat increased their long positions by 9,227 contracts, totaling 44,062.
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