Wheat Falls into Friday’s Close
On Friday, the wheat market ended lower across all exchanges. Chicago SRW futures dropped 8 1/2 to 13 3/4 cents, KC HRW contracts fell 11 to 13 3/4 cents, and MPLS spring wheat was down 6 to 7 3/4 cents. Weekly export sales showed wheat commitments at 11.713 MMT, 23% above last year. Money managers trimmed net short positions in Chicago and KC wheat. France’s soft wheat planting stood at 1% as of September 30.
The wheat complex saw lower trade across all three exchanges on Friday, to close the week on a lower note. Chicago SRW futures were down 8 1/2 to 13 3/4 cents across the board, as December held onto a 9 ¾ cent weekly gain. KC HRW contracts were 11 to 13 3/4 cents lower on the day, with Dec settling the week with a 21 ¼ cent rally. MPLS spring wheat was down 6 to 7 3/4 cents on the session, with Dec up 30 ¼ cents this week.\
Money managers in Chicago wheat were trimming 3,516 contracts from their net short as of 10/1 to 22,953 contracts, which is the smallest net short in nearly 2 years. In KC wheat they pared back 4,676 contracts to a net short of 15,270 contracts.
Weekly Export Sales indicated total export commitments for wheat and products are now 23% above the previous year and a 3-year high at 11.713 MMT. That is 52% of the full year USDA projection, which is above last year’s pace, with the 5-year average sales pace at 56%.
The FranceAgriMer pegged the country’s soft wheat crop at 1% planted as of September 30.
Dec 24 CBOT Wheat closed at $5.89 3/4, down 13 3/4 cents,
Mar 25 CBOT Wheat closed at $6.12 3/4, down 13 3/4 cents,
Dec 24 KCBT Wheat closed at $5.98, down 13 1/2 cents,
Mar 25 KCBT Wheat closed at $6.14 1/2, down 13 1/2 cents,
Dec 24 MGEX Wheat closed at $6.38 1/2, down 7 3/4 cents,
Mar 25 MGEX Wheat closed at $6.60, down 7 1/4 cents
Source Link : https://www.barchart.com/story/news/28892366/wheat-falls-into-fridays-close
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