Wheat Mini May '24 (XWK24)

The wheat complex saw lower trade across all three exchanges on Friday, to close the week on a lower note. Chicago SRW futures were down 8 1/2 to 13 3/4 cents across the board, as December held onto a 9 ¾ cent weekly gain. KC HRW contracts were 11 to 13 3/4 cents lower on the day, with Dec settling the week with a 21 ¼ cent rally. MPLS spring wheat was down 6 to 7 3/4 cents on the session, with Dec up 30 ¼ cents this week.\

Money managers in Chicago wheat were trimming 3,516 contracts from their net short as of 10/1 to 22,953 contracts, which is the smallest net short in nearly 2 years. In KC wheat they pared back 4,676 contracts to a net short of 15,270 contracts.

Weekly Export Sales indicated total export commitments for wheat and products are now 23% above the previous year and a 3-year high at 11.713 MMT. That is 52% of the full year USDA projection, which is above last year’s pace, with the 5-year average sales pace at 56%.

The FranceAgriMer pegged the country... Read more