Wheat Mar '24 (ZWH24)

Wheat futures faltered to weakness on Friday across all three exchanges. Chicago SRW futures were down 2 ¾ to 4 ¼ cents on the session, with December holding a 11 ½ cent gain on the week. KC HRW contracts were 1 to 2 1/4 cents lower across the board, with December up 12 ¾ cents since last Friday. MPLS spring wheat was down 2 ¾ to 3 ½ cents on the day, with December up just ¼ cent on the week. 

This afternoon’s Commitment of Traders report indicated Chicago wheat specs adding 1,436 contracts to their net short position as of 9/24 to 26,469 contracts. In KC wheat, they added 2,460 contracts to that net short at 19,946 contracts as of Tuesday.

On Monday, the USDA will release the annual Small Grains summary, with analysts expecting to seen all wheat production at 1.966 billion bushels, which would be a 16 mbu cut from the previous update in the August Crop Production report. HRW production is seen down 8 mbu to 768 mbu, as SRW output is expected to be steady at 342, and whi... Read more