Wheat Slipping Lower on Monday Morning Trade

Wheat is showing losses of 1 to 5 cents on Monday morning. The wheat complex faded lower into the weekend across most contracts. Chicago SRW contracts were mostly fractionally to 2 ¾ cents lower. December was up a tick, but still fell 35 ½ cents last week. Open interest was down 2,443 contracts on Friday. KC HRW futures posted losses of 1 ¼ to 3 ¾ cents on Friday, with a weekly loss of 39 ½ cents. OI was down 1,100 contracts. MPLS spring wheat was down ¼ to 2 ½ cents at the close, with December slipping 35 cents from last Friday

CFTC’s weekly Commitment of Traders report indicated managed money in Chicago wheat futures and options adding 18,096 contracts to their net short position as of Tuesday, holding a net short of 51,134 contracts. As of October 20th, spec funds were net long just 6,395 contracts, a reduction of 10,996 contracts on that week.

USDA’s Export Sales report showed 10.77 MMT of accumulated export commitments for wheat, down 32% from last year. That is 53% of the USDA forecast and behind the 5-year average pace at 63%. 

A South Korean mill is tendering for 50,000 MT of US wheat, with offers due today. The FranceAgriMer estimates the country’s wheat crop at 45% planted by October 19, ahead of the 42% pace from last year.

Dec 26 CBOT Wheat  closed at $6.25, up 1/4 cent, currently down 2 cents

Mar 27 CBOT Wheat  closed at $6.37 1/2, down 1/4 cent, currently down 2 cents

Dec 26 KCBT Wheat  closed at $6.64 1/2, down 1 1/4 cents, currently down 3 1/2 cents

Mar 27 KCBT Wheat  closed at $6.74 3/4, down 1 1/2 cents, currently down 4 1/4 cents

Dec 26 MIAX Wheat  closed at $6.42 1/2, down 1/4 cent, currently down 1 1/2 cents

Mar 27 MIAX Wheat  closed at $6.59 1/2, down 1 1/2 cents, currently unch

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.