Wheat Rallies into Friday’s Close

The wheat complex posted double digit gains on Friday. Chicago SRW futures were up 10 to 15 1/4 cents on Friday, with May slipping 3 cents on the week. KC HRW futures closed 11 to 17 ¼ cents in the green on the day, as May was up 6 ½ cents from last Friday. MPLS spring wheat was 7 ½ to 11 ¼ cents higher as May was up just 2 1/2 cents on the week. Crude oil was up $3.57 at the close.

Commitment of Traders data from this afternoon showed managed money cutting 3,455 contracts to their net short position in CBT wheat futures and options, taking it to 22,345 contracts as of Tuesday. In KC wheat futures and options, specs were net long 9,425 contracts, an increase of 9,425 contracts wk/wk. In MPLS spring wheat, spec funds piled onto the long side by 12.027 contracts to a net long of 15,990 contracts.
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USDA’s Export Sales data has wheat export commitments at 23.663 MMT, which is up 11% from last year. That is also 97% of the USDA export projection at 900 mbu and behind the 99% average sales pace. Shipment data is running ahead of schedule, at 18.894 MMT, which is 77% of USDA’s number vs. the 74% average pace.

South Korean importers purchased a total of 50,000 MT of wheat from the US in a tender overnight. The French wheat crop was estimated at 84% good/excellent according the the FranceAgriMer, steady with the previous week.

May 26 CBOT Wheat  closed at $6.13 3/4, up 15 1/4 cents,

Jul 26 CBOT Wheat  closed at $6.24 1/2, up 15 cents,

May 26 KCBT Wheat  closed at $6.30, up 16 1/2 cents,

Jul 26 KCBT Wheat  closed at $6.43 3/4, up 16 1/2 cents,

May 26 MIAX Wheat  closed at $6.46 1/2, up 11 cents,

Jul 26 MIAX Wheat  closed at $6.59 1/4, up 11 cents,

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.

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