The wheat complex experienced some weakness on Friday, with Chicago SRW futures seeing losses of 3 to 4 ¼ cents. This can be attributed to a $0.893 gain in the dollar index, which added pressure to the market. Despite the daily losses, March managed to close the week with an 8 ½ cent gain.
Similarly, KC HRW futures were down 2 to 3 cents at the close, but March managed to hold onto a 4 cent gain. MPLS spring wheat also closed Friday with losses of 3 to 4 cents, with March closing the week up 3 ¼ cents.
Commitment of Traders data from Friday showed that managed money covered some shorts in Chicago wheat futures and options, reducing their net short position by 15,957 contracts to 94,743 contracts. In KC wheat, spec traders trimmed 2,689 contracts from their net short position to 10,329 contracts.
Export Sales data revealed that accumulated wheat sale commitments are at 21.595 MMT, which is 18% higher than the same week last year. This figure is 88% of USDA’s forecast and in line with the 89% average pace.
Closing prices for March 26 CBOT Wheat were at $5.38, down 3 1/2 cents, while May 26 CBOT Wheat closed at $5.46, down 4 1/4 cents. March 26 KCBT Wheat closed at $5.44 3/4, down 2 1/4 cents, and May 26 KCBT Wheat closed at $5.55, down 2 3/4 cents. March 26 MIAX Wheat closed at $5.78 1/4, down 3 1/4 cents, and May 26 MIAX Wheat closed at $5.92 1/2, down 3 cents.
It is important to note that on the date of publication, Austin Schroeder did not have any positions in the securities mentioned in this article. The information and data provided in this article are for informational purposes only. This article was originally published on Barchart.com.
