Wheat is trading with losses across the three markets so far on Monday morning. The wheat complex was choppy on the Friday trade, as bulls came out on top to end the session. Chicago SRW futures closed the session with gains of a penny in the nearbys and May up jist 1 ¼ cent on the week. Kansas City HRW contracts posted front month strength, with contract 2 to 3 cents higher at the close, helping to hold the weekly move to 2 ¾ cents higher. MPLS spring wheat was up just fractionally at the close, with May rising 3 ¼ cents on the week.
The Southern Plains sees limited rains over the next few days, with heavier totals in South/Central Texas. The panhandle of TX up through western KS is dry, with very little precip in the eastern portions.
The Friday afternoon Commitment of Traders data from CFTC showed speculators in Chicago wheat adding 3,256 contracts to their net short as of Tuesday to 80,668 contracts. In KC, they were trimming that large net short by 2,059 contracts to 46,663 contracts by March 18.
Taiwan is tendering for 100,000 MT of US wheat, with the deadline issued for Thursday. Russian firm IKAR raised their 2025 wheat crop estimate by 1.5 MMT to 82.5 MMT on Monday.
May 25 CBOT Wheat closed at $5.58 1/4, up 1 cent, currently down 7 3/4 cents
Jul 25 CBOT Wheat closed at $5.74 1/2, up 1 cent, currently down 7 3/4 cents
May 25 KCBT Wheat closed at $5.88 3/4, up 2 1/4 cents, currently down 9 cents
Jul 25 KCBT Wheat closed at $6.03 1/2, up 2 1/2 cents, currently down 8 3/4 cents
May 25 MGEX Wheat closed at $6.05, up 1/4 cent, currently down 3 3/4 cents
Jul 25 MGEX Wheat closed at $6.20 3/4, up 1/4 cent, currently down 4 1/2 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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