Wheat futures traded lower across most markets on February 3, 2023, with Chicago SRW down 5 to 6 cents and KC HRW down 7 to 8 cents. Chicago March futures closed at $5.29 3/4, marking a weekly decline of 8 ¼ cents, while KC March settled at $5.31 1/4, down 13 ½ cents for the week. Open interest dropped by 8,052 contracts in Chicago and 6,401 in Kansas City.
Wheat export commitments totaled 21.974 million metric tons, a 17% increase from the previous year for the same week, making up 90% of the USDA’s forecast. Analysts anticipate U.S. wheat stocks to be at 918 million bushels in the upcoming WASDE report, reflecting an 8 million bushel decrease from January.
Additionally, the CFTC reported a reduction of 12,988 contracts from the spec fund CBT wheat net short position, bringing the total to 81,755 contracts as of February 3. In Kansas City, managed money cut 1,485 contracts from the net short position, now at 8,844 contracts.
