Wheats Gaining through Monday’s Midday

Harvested wheat that is ready for processing

Front month wheat futures are fractionally to 5 ¼ cents higher at midday, led by the SRW market. Chicago prices are back above the $6 mark so far with 1 ¼ to 5 ½ cent gains. KC wheat is trading up by as much as 3 ½ cents across the front month futures. MGE spring wheat prices are fractionally mixed, but mostly higher so far. 

The weekly Export Inspections update showed 407,476 MT of wheat was shipped during the week that ended 2/8. That was up from 295k MT the week prior and compared to 472k MT during the same week last year. The season’s total export remains 2.58 MMT behind last season with 11.7 MMT shipped.  

The Commitment of Traders report had managed money funds 1,920 contracts more net short in Chicago wheat, driven by net new selling, for the week at 66,738 contracts as of 2/6. Managed money firms were adding positions in KC wheat, though were only slightly more net short for the week to 33,397 contracts. The funds were net buyers of MGE wheat futures for the week, which reduced their net short by 1,174 contracts to 25,906. 

Mar 24 CBOT Wheat  is at $6.01 3/4, up 5 cents,

May 24 CBOT Wheat  is at $6.03, up 3 3/4 cents,

Mar 24 KCBT Wheat  is at $6.05, up 3 1/2 cents,

Mar 24 MGEX Wheat  is at $6.84 3/4, up 1/2 cent,

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.