Hard Red Wheat Mar '24 (KEH24)

The wheat market went into the weekend on a mixed note, as the soft red contracts failed to push higher. Chicago SRW futures were steady to down 1 ½ cents across the board on the day, as March was down 19 ¼ cents this week. KC HRW contracts were fractionally to 2 cents higher to close the day, with March slipping 12 ¼ cents this week. MPLS spring wheat futures settled the Friday trade steady to 3 ¾ cents in the green, led by the front months, as March’s losses were limited to just 8 ¼ cents this week.

The next week looks for precip in the eastern portions of the Southern Plains, extending into some SRW regions. The 8-14 looks wetter for much of the country, with above normal temps and no threats of any winter kill potential. 

Commitment of Traders data showed spec funds in Chicago wheat adding onto their bearish position as of 12/17, by 20,622 contracts to a net short of 87,401 contracts. In KC wheat, they trimmed 3,369 contracts from their net short to 33,067 contracts... Read more