Wheat Close Mixed Following Neutral USDA Data
The wheat market showed mixed results across three exchanges on Friday, with soft wheat holding steady while hard wheats weakened. Chicago SRW futures saw slight fluctuations, with December up 4 ½ cents for the week. KC HRW and MPLS spring wheat contracts dropped 2 ½ to 6 ½ cents on the day, with minimal changes in USDA’s WASDE report. World ending stocks were reduced slightly, and Russian, Argentine, and EU production forecasts were lowered.
The wheat market was mixed across the three exchanges on Friday with the soft wheat contracts holding up and the hard wheats the weakspot. Chicago SRW futures were mixed, with contracts anywhere form a penny higher to 1 ½ cents lower, as December was up 4 ½ cents on the week. KC HRW contracts were down 2 ½ to 4 ¾ cents on the day, with December down 2 ½ cents since last Friday. MPLS spring wheat was 4 ¾ to 6 ½ cents in the red on the day, with December closing the week with a net 2 cent loss over the 5 trading days.
USDA’s WASDE report from this morning showed minimal changes to the balance sheet. Imports were increased by 5 mbu, with a 2 mbu hike to food used. That helped to take the US stocks number just 3 mbu higher to 815 mbu.
World ending stocks were down just 0.15 MMT to 257.57 MMT. Russian production was down 0.5 to 81.5 MMT, with Argentina down the same to 17.5 MMT and EU 0.4 MMT tighter to 122.6 MMT.
The weekly Commitment of Traders report tallied the large managed money speculators in Chicago wheat at a net short of 30,781 contracts by November 5, a 391 contracts reduction on the week. In KC wheat they were busy adding to their net long by 4,920 contracts to 14,080 contracts.
Dec 24 CBOT Wheat closed at $5.72 1/2, up 1 cent,
Mar 25 CBOT Wheat closed at $5.87 1/2, down 1 1/2 cents,
Dec 24 KCBT Wheat closed at $5.64 1/4, down 4 3/4 cents,
Mar 25 KCBT Wheat closed at $5.77 1/2, down 4 cents,
Dec 24 MGEX Wheat closed at $5.97 3/4, down 4 3/4 cents,
Mar 25 MGEX Wheat closed at $6.17 1/4, down 6 1/2 cents.
Source Link : https://www.barchart.com/story/news/29487126/wheat-close-mixed-following-neutral-usda-data
Recommended for you
