Wheat Weakness Extends into the Weekend

The wheat complex headed into the weekend holding onto the weakness on Friday. Chicago SRW contracts fell lower on Friday, with contracts down 1 ½ to 9 ½ cents on the day and December losing 10 ½ cents this week. KC HRW futures slipped back 3 to 9 cents at the close, as the lead December contracts was down 15 ¼ cents from last Friday. MPLS spring wheat was down 5 ¼ to 9 ¾ cents on Friday, with December losing 18 ¾ cents on the week.

USDA’s Export Sales report from this morning showed 319,901 MT of wheat sold in the week of October 8. That was down 29.16% from a week ago and 47.89% below the same week last year. The top buyer was Taiwan at 105,800 MT, with 68,100 MT sold to Sri Lanka and 52,300 MT to Mexico.

Weekly CFTC data indicated 3,495 contracts added to the managed money net short in Chicago wheat futures and options as of Tuesday, taking it to 33,038 contracts. In KC wheat, spec traders cut back another 6,649 contracts from their net long to 17,391 contracts.

The FranceAgriMer estimates the country’s wheat crop at 15% planted by October 12. 

Dec 26 CBOT Wheat  closed at $6.60 1/2, down 9 1/2 cents,

Mar 27 CBOT Wheat  closed at $6.75, down 9 1/4 cents,

Dec 26 KCBT Wheat  closed at $7.04, down 9 cents,

Mar 27 KCBT Wheat  closed at $7.15 3/4, down 9 cents,

Dec 26 MIAX Wheat  closed at $6.77 1/2, down 9 1/2 cents,

Mar 27 MIAX Wheat  closed at $6.94 3/4, down 9 3/4 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.