Wheat futures are rallying a much as double digits in most contracts on Monday morning. The wheat complex posted weaker trade on Friday across the three markets as March Rolled off the board. Chicago SRW was the weaker of the three, down 5 to 6 cents, with May 5 ¾ cents higher on the week. Preliminary open interest on Friday was up 7,512 contracts. Kansas City HRW contracts were 1 to 2 cents lower in the front months, as May gained 21 ¼ cents vs. last Friday. MPLS spring wheat was steady to 2 cents in the red, as May was 9 cents higher last week.
The 7-day forecast for NOAA remains relatively dry for much of the Southern Plains. The portions of the SRW country expecting upwards of 1-3 inches.
Friday’s Commitment of Traders report indicated a total of 4,987 contracts trimmed from the spec fund net short in Chicago wheat, to 77,412 contracts as of 3/11. In KC wheat, managed money added back 9,440 contracts to their net short position as of Tuesday at 48,722 contracts.
FranceAgriMer rated the soft wheat crop in France at 74% gd/ex, even with the week prior.
Mar 25 CBOT Wheat closed at $5.45 3/4, up 7 cents,
May 25 CBOT Wheat closed at $5.57, down 5 1/2 cents, currently up 12 1/2 cents
Mar 25 KCBT Wheat closed at $5.73 1/2, up 11 3/4 cents,
May 25 KCBT Wheat closed at $5.86, down 1 1/2 cents, currently up 17 1/2 cents
Mar 25 MGEX Wheat closed at $5.90, up 9 1/2 cents,
May 25 MGEX Wheat closed at $6.01 3/4, down 2 cents, currently up 11 3/4 cents
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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