Wheat Manages to Close Mixed on Friday

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 by Tuesday. 

Export Sales data took all wheat and product shipments to 11.316 MMT, up 29% from last year and 48% of the new USDA forecast and behind the 53% average pace. Commitments sit at 16.317 MMT, 9% above last year and 71% of the USDA marketing year export number, lagging the 78% average pace.

Russia has officially their export quota for February 15 to June 30 at 10.6 MMT. Last year’s quota for grain exports was limited to 29 MMT. 

Mar 25 CBOT Wheat  closed at $5.33, unch,

May 25 CBOT Wheat  closed at $5.42 3/4, down 3/4 cent,

Mar 25 KCBT Wheat  closed at $5.44 3/4, up 1 1/2 cents,

May 25 KCBT Wheat  closed at $5.52 1/2, up 1 1/2 cents,

Mar 25 MGEX Wheat  closed at $5.90 1/4, up 3 1/2 cents,

May 25 MGEX Wheat  closed at $5.98 1/4, up 3 3/4 cents,