Wheat is facing sharp losses to kick off trade, as contracts are down 8 to 10 cents across the three markets. The wheat market settled the Friday session with mixed trade across the three exchanges, with the winter wheats the strongest. Chicago SRW futures were 3 to 5 cents higher to close the day, as March was still down a dime last week. KC HRW futures were up 1 to 2 cents on the session, with March slipping 12 cents from the week prior. MPLS spring wheat was 1 to 2 cents in the red, with March losing just 1 ¾ cents on the week.
CFTC data from this afternoon indicated managed money continuing to cover shorts in the Chicago wheat during the week that ended on 2/18, reducing the net short by 21,232 contracts to 61,577 contracts. In KC wheat, they timed back 8,158 contracts from their net short to 22,090 contracts by Tuesday.
The Friday morning Export Sales report totaled all wheat bookings at 532,674 MT during the week ending on 2/13. Export commitments are now 86% of USDA’s projection at 19.874 MMT, compared to the average sale pace of 94%. New crop sales wee at 98,500 MT, a MY high.
US wheat planted acres are estimated to total 46.7 million acres in this week’s USDA Outlook Forum. That is according to a Bloomberg survey of analysts, with a 45.5 to 47.9 million acre range.
Mar 25 CBOT Wheat closed at $5.90, up 4 1/2 cents, currently down 9 1/4 cents
May 25 CBOT Wheat closed at $6.04, up 3 3/4 cents, currently down 9 3/4 cents
Mar 25 KCBT Wheat closed at $6.09 1/4, up 1 3/4 cents, currently down 10 cents
May 25 KCBT Wheat closed at $6.21 3/4, up 1 3/4 cents, currently down 9 3/4 cents
Mar 25 MGEX Wheat closed at $6.31 3/4, down 1 cent, currently down 10 cents
May 25 MGEX Wheat closed at $6.46 1/2, down 1 1/4 cents, currently down 9 1/2 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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