The wheat complex experienced a downturn on the Wednesday trading session, as all three exchanges closed out the year with losses. Chicago SRW futures were down 3 to 4 cents, while KC HRW futures saw a decrease of 7 to 8 cents. MPLS spring wheat also closed lower, with a decline of 4 to 5 cents.
As the market prepares for the New Year, it will be closed on Thursday for New Year’s Day, with a hard open scheduled for 8:30 am CST on Friday.
Commitment of Traders data released this afternoon revealed that spec traders held a net short position of 91,665 contracts in CBT wheat futures and options as of 12/23, marking an increase of 24,747 contracts from the previous week. Managed money in KC wheat were net short 24,749 contracts, a decrease of 964 contracts.
Export Sales data from this morning showed only 147,834 MT in wheat sales during the week of 12/18. This figure fell within analysts’ estimates, ranging from 50,000 MT in net reductions to sales of 400,000 MT. The total was down 35.83% from the previous week and a significant 75.86% lower than the same week last year.
In terms of closing prices, Mar 26 CBOT Wheat closed at $5.07, down 3 3/4 cents, while May 26 CBOT Wheat closed at $5.18 1/2, down 3 1/2 cents. Mar 26 KCBT Wheat closed at $5.14 3/4, down 7 1/4 cents, and May 26 KCBT Wheat closed at $5.28, down 7 cents. Mar 26 MIAX Wheat closed at $5.74, down 4 1/2 cents, and May 26 MIAX Wheat closed at $5.85 1/2, also down 4 1/2 cents.
Please note that on the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information and data provided is for informational purposes only. This article was originally published on Barchart.com.
