Wheat Bulls Head South on Friday

Wheat futures closed out the Friday session with contracts down across the three exchanges. Chicago SRW futures were 6 to 6 3/4 cents lower across the board, with Dec expiring. March ended the week on the lower side of last Friday’s close, down a nickel. KC HRW contracts were down 4 ¾ to 7 1/2 cents on the day. March ended the week with a 3 ¼ cent gain since last Friday. MPLS spring wheat were 2 ½ to 5 ¼ cents in the red on the session. March MGE wheat was up 2 cents over the course of the week.

Commitment of Traders data showed specs trimming 2,607 contracts from their net short position in Chicago wheat as of 12/10 to 66,779 contracts. In KC wheat, they cut 1,994 contracts from their net short as of Tuesday to 36,436 contracts.

The forecast over the next 7 days shows precip of some form in the eastern half of the country, with the highest totals along the Mississippi River. Much of the HRW region is left drier.

The weekly Export Sales report took all wheat and product shipments to11.045 MMT, up 31% from last year and 47% of the new USDA forecast and behind the 51% average pace. Commitments sit at 15.991 MMT, 10% above last year and 69% of the new USDA number, lagging the 76% average pace.

Dec 24 CBOT Wheat  closed at $5.26 1/2, down 12 1/4 cents,

Mar 25 CBOT Wheat  closed at $5.52 1/4, down 6 1/4 cents,

Dec 24 KCBT Wheat  closed at $5.38 3/4, down 7 1/2 cents,

Mar 25 KCBT Wheat  closed at $5.57, down 5 3/4 cents,

Dec 24 MGEX Wheat  closed at $5.82 1/4, unch,

Mar 25 MGEX Wheat  closed at $5.98 1/2, down 4 cents,