Wheat Posts Friday Gains
On Friday, wheat futures closed higher across all exchanges. Chicago SRW futures rose by 2 to 7 cents, with 416 deliveries against September CBT wheat futures. KC HRW futures increased by 4 to 7 cents, while MPLS spring wheat gained 10 to 11 cents. Wheat export commitments reached 10.023 MMT, 45% of the USDA’s 2024/25 forecast, trailing the 47% average pace.
The wheat complex closed higher across the three exchanges on the Friday session. Chicago SRW futures were up 2 to 7 cents in the nearbys. There were 416 deliveries issued against September CBT wheat futures on first notice day. KC HRW was 4 to 7 cents higher in the front months. MPLS spring wheat was 10 to 11 cents in the green across the nearby contracts.
All wheat export commitments have been taken to 10.023 MMT including products, which is 45% of the USDA forecast total for 2024/25 sales and lagging the 47% average pace. Total shipments from the FAS data are now 4.999 MMT, or 22% of USDA’s number and behind the 24% average.
Russia wheat production estimate is pegged at 82.5 MMT according to the latest SovEcon release, down 0.8 MMT from the previous estimate.
Friday’s Commitment of Traders report showed CBT wheat spec traders adding back 3,217 contracts to their net short to 56,202 contracts as of August 27. In KC wheat, they trimmed back 3,482 contracts from their net short at 32,002 contracts as of Tuesday.
Sep 24 CBOT Wheat closed at $5.32 3/4, up 7 3/4 cents,
Dec 24 CBOT Wheat closed at $5.51 1/2, up 2 3/4 cents,
Sep 24 KCBT Wheat closed at $5.52 1/2, up 7 cents,
Dec 24 KCBT Wheat closed at $5.65 1/4, up 4 3/4 cents,
Sep 24 MGEX Wheat closed at $5.73 3/4, up 11 1/4 cents .
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Source Link : https://www.nasdaq.com/articles/wheat-posts-friday-gains?time=1725057787
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