Wheat is down across the three markets on Monday morning. The wheat complex posted losses across the three exchanges on Friday. Chicago SRW futures were down 5 to 7 cents in the nearbys on the day, as March held onto gains of 15 ½ cents. KC HRW futures were 9 to 10 cents lower in the front months, with March up 19 ¾ cents last week. MPLS spring wheat was 4 to 5 cents in the red on the session, as March posted a 20 ¼ cent gain last week.
On Saturday President Trump signed an executive order to impose a 25% tariffs on most Canadian and Mexico goods, starting on Tuesday. Canadian crude oil will have a 10% tariff. At this point, wheat has made it on either countries list of retaliatory action. President Trump has indicated he will meet with both countries leaders today.
Commitment of Traders data indicated spec funds adding a total of 18,990 contracts added to their net short position in CBT wheat as of January 28, to 110,782 contracts. In KC wheat, they added 7,255 contracts to their net short at 42,386 contracts by Tuesday.
Export Sales data has marketing year sales at 18.328 MMT for total export commitments, which is 79% of the USDA export figure for the marketing year, lagging the 89% average pace.
Mar 25 CBOT Wheat closed at $5.59 1/2, down 7 cents, currently down 2 cents
May 25 CBOT Wheat closed at $5.72 1/4, down 6 3/4 cents, currently down 2 1/4 cents
Mar 25 KCBT Wheat closed at $5.79 1/4, down 9 cents, currently down 3 1/4 cents
May 25 KCBT Wheat closed at $5.89, down 9 1/4 cents, currently down 3 cents
Mar 25 MGEX Wheat closed at $6.15 1/2, down 4 3/4 cents, currently up 2 1/2 cents
May 25 MGEX Wheat closed at $6.23, down 5 cents, currently up 1 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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