Wheat Closes Lower on Friday
Wheat futures declined across all three U.S. exchanges on Friday. Chicago SRW, KC HRW, and MPLS spring wheat posted losses, though March contracts retained weekly gains. Speculators increased short positions in CBT and KC wheat. U.S. export commitments lag USDA expectations, reaching 79% of the target. President Trump confirmed the February 1 tariff date for Mexico/Canada remains unchanged.
The wheat complex posted losses across the three exchanges on Friday. Chicago SRW futures were down 5 to 7 cents in the nearbys on the day, as March held onto gains of 15 ½ cents. KC HRW futures were 9 to 10 cents lower in the front months, with March up 19 ¾ cents this week. MPLS spring wheat was 4 to 5 cents in the red on the session, as March posted a 20 ¼ cent gain this week.
After refuting reports of a pushback on the Mexico/Canada tariff start date, President Trump stated the February 1 date was still in place. There has yet to be any retaliatory measure put in place officially by either country.
Commitment of Traders data indicated spec funds adding a total of 18,990 contracts added to their net short position in CBT wheat as of January 28, to 110,782 contracts. In KC wheat, they added 7,255 contracts to their net short at 42,386 contracts by Tuesday.
Export Sales data has marketing year sales at 18.328 MMT for total export commitments, which is 79% of the USDA export figure for the marketing year, lagging the 89% average pace.
Mar 25 CBOT Wheat closed at $5.59 1/2, down 7 cents,
May 25 CBOT Wheat closed at $5.72 1/4, down 6 3/4 cents,
Mar 25 KCBT Wheat closed at $5.79 1/4, down 9 cents,
May 25 KCBT Wheat closed at $5.89, down 9 1/4 cents,
Mar 25 MGEX Wheat closed at $6.15 1/2, down 4 3/4 cents,
May 25 MGEX Wheat closed at $6.23, down 5 cents.
To read more about Wheat News continue reading Agriinsite.com
Source : Nasdaq.com
