Wheat Slips Back Lower on Friday
Wheat futures declined across exchanges, with May SRW down 4 ½ cents this week. Managed money’s net short position in CBT wheat rose to 82,399 contracts. Wheat export commitments reached 20.484 MMT, up 11% year-on-year. Japan bought 94,282 MT of wheat. USDA’s WASDE report is expected to show US ending stocks at 797 mbu.
Wheat pulled back on Friday across the three exchanges. Chicago SRW futures posted losses of 2 to 3 cents, with May down 4 ½ cents this week. KC HRW futures were fractionally to a penny lower in the nearbys, as May was down 8 ¼ cents from last Friday. MPLS spring wheat was down 1 to 3 cents in the front months, with May losing a nickel on the week.
This afternoon’s Commitment of Traders report showed managed money’s CBT wheat net short at a total of 82,399, an increase of 14,785 contracts from the week prior. In KC wheat, they added back another 17,947 contracts to their net short as of Tuesday to 39,282 contracts.
All wheat export commitments have totaled 20.484 MMT as of February 27, 11% above the same period last year. That is 89% of USDA’s wheat export projection and lagging the 97% average pace for export sales.
The monthly WASDE report from USDA will be released on Tuesday, with traders looking for no major changes to the US ending stocks projection. The average trade estimate is 797 mbu, a 3 mbu increase from last month.
Japan purchased 94,282 MT of wheat from the US, Australia, and Canada in their weekly tender, with 35,882 US specific. French soft wheat ratings were tallied at 73% gd/ex, an increase of 1% from the week prior.
Mar 25 CBOT Wheat closed at $5.33 3/4, up 3 cents,
May 25 CBOT Wheat closed at $5.51 1/4, down 2 3/4 cents,
Mar 25 KCBT Wheat closed at $5.51 1/4, down 1/4 cent,
May 25 KCBT Wheat closed at $5.64 3/4, down 1 cent,
Mar 25 MGEX Wheat closed at $5.78, up 5 1/2 cents,
May 25 MGEX Wheat closed at $5.92 3/4, down 1 1/4 cents.
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Source : Nasdaq.com
