Wheat is trading with contracts rallying double digits in the winter wheat contracts and MPLS following along. The wheat complex is showing mixed trade on Friday. Chicago SRW futures were down 3 ½ to 6 cents higher on the Friday session, with May 27 ¼ cents lower on the week. Open interest was down 3,105 contracts on Friday. KC HRW futures were down ¾ to 3 cents on the day, with front month May the lone exception, up ¼ cent. May fell 25 cents on the week. OI was down 3,077 contracts on Friday. MPLS spring wheat was 3 ¼ to 6 ¾ ents lower on Friday, with May 35 ¼ cents in the red on the week.
Crude oil is back up $7.71 this morning, as risk is being put back in the market following the breakdown of US/Iran negotiations this weekend. The US is now expected to have their own blockade of the Strait of Hormuz starting this morning to try and cut off the flow of oil out of Iran.
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Commitment of Traders data showed CBT wheat specs flipping back to a net short of 5,633 contracts by a move of 14,274 contracts in the week ending on April 7. In KC wheat, managed money was net long 15,608 contracts, a 5,909 contract reduction on the week. MPLS wheat spec funds extended their record net long by 205 contracts to 20,361 contracts.
Export Sales data from Thursday has export sales commitments at 24.441 MMT, a 13% increase yr/yr. That matches the USDA estimate and is in line with the average sales pace. Shipments are 20.379 MMT as of April 2, 18% above a year ago. That is 83% of the USDA forecast and ahead of the 83% average shipping pace.
May 26 CBOT Wheat closed at $5.71, down 3 1/2 cents, currently up 11 1/2 cents
Jul 26 CBOT Wheat closed at $5.80 3/4, down 4 1/4 cents, currently up 11 3/4 cents
May 26 KCBT Wheat closed at $5.90 3/4, up 1/4 cent, currently up 14 cents
Jul 26 KCBT Wheat closed at $6.05, down 3/4 cent, currently up 14 1/4 cents
May 26 MIAX Wheat closed at $6.12 1/2, down 6 3/4 cents, currently up 8 1/2 cents
Jul 26 MIAX Wheat closed at $6.27, down 6 3/4 cents, currently up 7 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.
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