The wheat complex is facing weakness on Tuesday morning, with the three main markets lower. Wheat was rallying across all three exchanges on Friday. Chicago SRW futures were up 20 to 23 cents in the front months, with March up 17 ¼ cents last week. KC HRW futures rallied 20 to 23 cents on the session, as March rose 17 cents since last Friday. MPLS spring wheat was 15 to 18 cents in the green on the day, with March ticking just 5 ¾ cents higher in the week.
Cold temps in parts of the US with little snow cover, as well as the Black Sea growing regions this week added to the potential for some winter kill.
Commitment of Traders data from CFTC showed a total of 7,633 contracts slashed from the spec net short as of Tuesday, to a net short of 82,809 contracts. In KC wheat, they were trimming back that net short by 5,733 contracts to 53,248 contracts
The French soft wheat crop was estimated at 73% good/excellent, as of 2/10, up 5 percentage points from the same point last year. Saudi Arabia purchased 920,000 MT of wheat in their tender on Monday. Japan has issued a tender to buy 96,160 MT of wheat from Australia, Canada, and the US, with 34,890 MT US specific.
Mar 25 CBOT Wheat closed at $6.00, up 22 1/4 cents, currently down 3/4 cent
May 25 CBOT Wheat closed at $6.13 1/2, up 21 1/2 cents, currently down 2 cents
Mar 25 KCBT Wheat closed at $6.21 1/4, up 23 cents, currently down 3 3/4 cents
May 25 KCBT Wheat closed at $6.32 3/4, up 23 1/4 cents, currently down 4 1/4 cents
Mar 25 MGEX Wheat closed at $6.33 1/2, up 16 3/4 cents, currently down 2 1/4 cents
May 25 MGEX Wheat closed at $6.49 1/4, up 17 3/4 cents, currently down 1 3/4 cents
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.More news from Barchart
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