Wheat Bulls Fail to Find Footing on Friday

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 this week. KC HRW futures posted losses of 1 ¼ to 3 ¾ cents on Friday, with a weekly loss of 39 ½ cents. MPLS spring wheat was down ¼ to 2 ½ cents at the close, with December slipping 35 cents from last Friday

Despite the reports of potential peace talks, another merchant vessel was struck overnight in the Black Sea. Russia also struck Kyiv with more missiles overnight. 

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,

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

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

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

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

Mar 27 MIAX Wheat  closed at $6.59 1/2, down 1 1/2 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.