Wheat Rallies Double Digits to Close Out Week
The wheat complex posted double digit gains on Friday, as September rolled off the board. Chicago SRW futures were up 10 ½ to 16 ¼ cents on the day, as December closed the week up 27 ¾ cents. KC HRW was 10 to 13 cents higher across the board, with now nearby Dec up 22 ½ cents. MPLS spring wheat was 5 to 13 ¾ cents higher across the board to close out the Friday session, as Dec was 21 ¾ since last Friday.
This afternoon’s CFTC report showed spec funds covering 13,227 contracts of their large net short position in CBT wheat futures and options as of September 10, to 29,397 contracts. In KC wheat, they peeled back 8,727 contracts from their net short to 18,510 contracts.
USDA’s Export Sales report from Thursday saw total wheat commitments at 10.844 MMT through September 5, a 4-year high and 30% larger than last year. That is also 48% of the USDA export forecast, with the 5- year average running 51% of that projection.
Sep 24 CBOT Wheat closed at $5.71 1/4, up 7 1/2 cents,
Dec 24 CBOT Wheat closed at $5.94 3/4, up 16 1/4 cents,
Sep 24 KCBT Wheat closed at $5.78 1/2, down 2 1/4 cents,
Dec 24 KCBT Wheat closed at $6.00, up 13 3/4 cents,
Sep 24 MGEX Wheat closed at $6.08, up 19 cents,
Dec 24 MGEX Wheat closed at $6.35 1/2, up 13 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.