Wheat Futures Closed Red for Friday
The Friday wheat market ended with prices off their lows but still 1 to 8 ¾ cents in the red. Chicago was the firmest on the day, ended down by 1 to 3 ¾ cents. That left May with a net weekly loss of 9 ¼ cents and set new LoC lows. KC wheat futures were down by 6 ¾ to 8 ½ cents on Friday and May was 22 ½ cents under last Friday’s close. MGE futures ended the session with 5 ¾ cent losses to 8 ¾ cent losses across the front months. May HRS was at a 12 cent loss for the week.
Weekly CoT data had Chicago wheat spec traders with a 78,870 contract net short as of 3/12. That was a 13.3k contract stronger net short via long liquidation through the week. In KC, managed money funds were rolling shorts to new longs and reduced their net short by 5.3k contracts to 35,547. CFTC reported the funds with a 21,701 contract net short in Minneapolis wheat, a 2.4k contract weaker net short after short covering.
Strategie Grains estimated EU wheat output at 121.6 MMT for the 24/25 crop. That was a 1 MMT cut citing excessive rains.
USDA’s weekly Export Sales data had 83,804 MT of wheat sold during the week that ended 3/7. Japan booked 114.3k MT of wheat via a regular tender from U.S., Canada, and Australia.
IKAR expects Russian wheat output for 24/25 to reach 93 MMT and exports for 24/25 to total 50 MMT.
Source Link: https://www.nasdaq.com/articles/wheat-futures-closed-red-for-friday
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