Wheat Closes Lower on Friday
Wheat markets saw weaker trade on Friday, with Chicago SRW down 5-6 cents, while May wheat gained 5 ¾ cents. Kansas City HRW contracts were lower, but May rose by 21 ¼ cents. MPLS wheat remained steady. The NOAA forecast predicts dry conditions for the Southern Plains. France’s soft wheat crop remains at 74% good-to-excellent. Wheat prices varied across markets.
The wheat complex posted weaker trade on Friday across the three markets as March Rolled off the board. Chicago SRW was the weaker of the three, down 5 to 6 cents, with May 5 ¾ cents higher on the week. Kansas City HRW contracts were 1 to 2 cents lower in the front months, as May gained 21 ¼ cents vs. last Friday. MPLS spring wheat was steady to 2 cents in the red, as May was 9 cents higher this week.
The 7-day forecast for NOAA remains relatively dry for much of the Southern Plains. The portions of the SRW country expecting upwards of 1-3 inches.
Friday’s Commitment of Traders report indicated a total of 4,987 contracts trimmed from the spec fund net short in Chicago wheat, to 77,412 contracts as of 3/11. In KC wheat, managed money added back 9,440 contracts to their net short position as of Tuesday at 48,722 contracts.
FranceAgriMer rated the soft wheat crop in France at 74% gd/ex, even with the week prior.
Mar 25 CBOT Wheat closed at $5.45 3/4, up 7 cents,
May 25 CBOT Wheat closed at $5.57, down 5 1/2 cents,
Mar 25 KCBT Wheat closed at $5.73 1/2, up 11 3/4 cents,
May 25 KCBT Wheat closed at $5.86, down 1 1/2 cents,
Mar 25 MGEX Wheat closed at $5.90, up 9 1/2 cents,
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Source : Nasdaq.Com
