Wheat Slipping to Start Monday Morning Trade
Wheat futures are experiencing losses across major markets this Monday morning, following declines last Friday. Chicago SRW futures dropped by up to 2.5 cents, while KC HRW contracts fell by up to 2.75 cents, with MPLS spring wheat leading the decline at up to 7 cents lower. Heavy precipitation impacted parts of the Southern Plains over the weekend. Additionally, Egypt’s GASC issued a tender for wheat with a deadline today, but there were no U.S. offers.
Wheat futures are showing Monday morning losses in the three main markets. The complex posted losses across the three exchanges on Friday. Chicago SRW futures saw fractional to 2 ½ cent losses on the day, as December closed out the week down a penny. KC HRW contracts were 1 to 2 ¾ cents lower across the board, with December slipping 5 ¼ cents. MPLS spring wheat led the way lower on Friday, with losses 4 ½ to 7 cents, as December was 5 ½ cents in the red for the week.
Wide spread heavy precip totals fell over the weekend in parts of the Southern Plains, from the TX panhandle through eastern KS, MO and parts of IA/WI.
Friday afternoon’s CFTC Commitment of Traders report tallied spec funds in Chicago wheat at a net short of 31,172 contracts by October 29. That was a 2,257 contract increase on the week. In KC wheat, they were adding 3,513 contracts to their net short at 9,160 contracts as of Tuesday.
Egypt’s GASC issued a tender for wheat over the weekend, with a Monday deadline and no US offers
Dec 24 CBOT Wheat closed at $5.68, down 2 1/2 cents, currently down 1 3/4 cents
Mar 25 CBOT Wheat closed at $5.87 3/4, down 2 1/2 cents, currently down 2 1/4 cents
Dec 24 KCBT Wheat closed at $5.66 3/4, down 2 1/2 cents, currently down 4 cents
Mar 25 KCBT Wheat closed at $5.80 1/4, down 2 3/4 cents, currently down 4 1/4 cents
Dec 24 MGEX Wheat closed at $5.99 3/4, down 4 1/2 cents, currently down 1 3/4 cents
Mar 25 MGEX Wheat closed at $6.23 1/4, down 5 cents, currently down 1 1/2 cents.
Source Link : https://www.nasdaq.com/articles/wheat-slipping-start-monday-morning-trade
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