Wheat Futures Faded for Mixed Close on Monday
The wheat market started the week strong, but faded through the afternoon to close mixed across the domestic classes. Chicago SRW futures ended fractionally mixed but mostly lower. KC Wheat futures were down by 2 ¾ to 4 ¾ cents weaker at the close. The spring wheat futures ended the day 1 ¼ to 2 cents weaker.
The weekly Export Inspections update showed 407,476 MT of wheat was shipped during the week that ended 2/8. That was up from 295k MT the week prior and compared to 472k MT during the same week last year. The season’s total export remains 2.58 MMT behind last season with 11.7 MMT shipped.
The Commitment of Traders report had managed money funds 1,920 contracts more net short in Chicago wheat, driven by net new selling, for the week at 66,738 contracts as of 2/6. Managed money firms were adding positions in KC wheat, though were only slightly more net short for the week to 33,397 contracts. The funds were net buyers of MGE wheat futures for the week, which reduced their net short by 1,174 contracts to 25,906.
Mar 24 CBOT Wheat closed at $5.97 1/2, up 3/4 cent,
May 24 CBOT Wheat closed at $5.99 1/4, down 0 cent,
Mar 24 KCBT Wheat closed at $5.98 3/4, down 2 3/4 cents,
Mar 24 MGEX Wheat closed at $6.82 1/2, down 1 3/4 cents,
Source Link: https://www.barchart.com/story/news/24024226/wheat-futures-faded-for-mixed-close-on-monday
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