Wheat is showing modest losses in Monday morning trade. The wheat complex saw some buying off the early lows on Friday but still faced weakness at the final bell. Chicago SRW was down 1 to 3 ¾ cents on the day, with December falling back 11 cents on the week. Open interest was up 3,409 contracts, suggesting some new short interest. KC HRW futures were 1 to 5 ¾ cents lower at the close, with December dropping 21 ¾ cents since last Friday. OI was down 4,133 contracts. MPLS spring wheat was 6 ¾ to 8 ¾ cents in the red, with December down 27 ¾ cents last week.
Ukraine’s ag minister sees no signs for a ceasefire on the Black Sea and doesn’t see one coming in the future months.
Spec funds in Chicago wheat futures and options were increasing their net short as of September 22, a move of 8,968 contracts to a new net short of 13,144 contracts. Managed money in KC wheat was trimming 4,015 contracts from their net long to 41,743 contracts.
USDA’s Export Sales data has the US wheat sales commitments at 9.449 MMT, down 31% from last year. That was 45% of the USDA export projection, with the average sales pace at 54%.
The next 7 days shows 2 to 4 inches of rain expected from TX to NE and further east, according to NOAA’s 7-day QPF. That adds much needed soil moisture to some dry areas but does slow planting progress.
Dec 26 CBOT Wheat closed at $7.03 1/4, down 3 3/4 cents, currently down 6 3/4 cents
Mar 27 CBOT Wheat closed at $7.18 1/4, down 3 1/4 cents, currently down 6 1/4 cents
Dec 26 KCBT Wheat closed at $7.62, down 5 cents, currently down 10 1/2 cents
Mar 27 KCBT Wheat closed at $7.74, down 5 1/2 cents, currently down 9 1/4 cents
Dec 26 MIAX Wheat closed at $7.14 1/2, down 6 3/4 cents, currently down 4 cents
Mar 27 MIAX Wheat closed at $7.34 3/4, down 7 1/2 cents, currently down 5 cents
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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