Wheat Dropping to Start Monday
The wheat complex is trading with losses this morning, as CBT is leading the way lower. . The three markets posted Friday gains across the board. Chicago contracts were up 2 to 4 1/2 cents, with Kansas City HRW futures 6 to 8 1/2 cents higher. MPLS was up 2 to 5 ¾ cents at the close for the week.
French soft wheat conditions were rated at 64% gd/ex as of 4/8, a 1% decline from the week prior according to the FranceAgriMer. Last year’s soft wheat ratings were 94% gd/ex, with the current data the lowest for the current week since 2020. Russia’s ag ministry raised their wheat export tax by 1.3% to 3,276.6 roubles/MT (95 cents/bu) as of April 17 through April 23.
Spec funds in CBT wheat futures and options cut 5,376 contracts from their net short as of 4/9, taking it to 86,568 contracts. In KC wheat, they were adding 4,137 contracts to their net short, at 44,611 contracts on that Tuesday.
May 24 CBOT Wheat closed at $5.56, up 4 1/4 cents, currently down 8 cents
Jul 24 CBOT Wheat closed at $5.70 3/4, up 4 1/2 cents, currently down 7 1/2 cents
May 24 KCBT Wheat closed at $5.89 3/4, up 6 1/2 cents, currently down 5 ¼ cents
Jul 24 KCBT Wheat closed at $5.87, up 8 1/2 cents, currently down 6 cents
Jul 24 MGEX Wheat closed at $6.50, up 4 3/4 cents, currently down 2 ½ cents
On the date of publication, Alan Brugler 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.