Wheat Closes Monday Mostly Lower
Wheat futures showed mixed results, with December SRW wheat up 5 ¼ cents at $5.37 ½, while KC HRW contracts saw modest gains. Weekly export inspections reported 296,106 MT of wheat shipped, up 57.25% from last year. Australia’s ABARES raised its wheat production forecast to 31.9 MMT. Spec traders increased their net short positions in wheat.
The wheat complex was mostly lower across the three exchanges, with the nearby Dec winter wheats seeing gains. Chicago SRW futures were down fractionally to 2 ½ cents, with Dec up 5 ¼ cents. KC HRW contracts closed with fractional losses across most contracts with Dec the lone exception, up 3 cents. MPLS spring wheat was down 2 ¼ to 4 cents on the session, with Dec down 12 ¼ cents.
The holiday delayed Commitment of Traders report tallied spec traders adding 7,572 contracts to their CBT wheat net short at 59,118 contracts by Tuesday 11/26. In KC wheat, they increased their net short by 1,286 contracts to 30,661 contracts.
Weekly Export Inspections data showed 296,106 MT (10.88 mbu) of wheat shipped in the week that concluded on 11/28. That was down 18.83% from last week and up 57.25% from a year ago. The Philippines was the top destination of 90,000 MT, with 52,143 MT headed to Mexico. Shipments for the marketing year have totaled 10.987 MMT (403.68 mbu), which is up 31.79% from last year.
Australia’s ABARES increased the country’s outlook for wheat by 0.1 MMT to 31.9 MMT.
Dec 24 CBOT Wheat closed at $5.37 1/2, up 5 1/4 cents,
Mar 25 CBOT Wheat closed at $5.47 1/4, down 3/4 cent,
Dec 24 KCBT Wheat closed at $5.23 3/4, up 3 cents,
Mar 25 KCBT Wheat closed at $5.40 1/2, down 1/4 cent.
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Source : Nasdaq
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