Friday Wheat Faced More Sell Pressure

November 18th, 2023

The wheat futures ended the last trade day of the week with 3 to 9 cent losses across the domestic classes. CBT SRW was 2 ¾ to 5 ¼ cents weaker on the day, and down a net 24 ½ for the week. KC wheat closed 1.5% in the red on Friday after seeing new lows for the move. Dec HRW was at a net 23 ¼ cent loss for the week. Minneapolis spring wheat futures fell 8 ¾ cents with Dec down by 10 ½ cents for the week.

The weekly CFTC report showed spec traders were covering Chicago wheat shorts during the week that ended 11/14. That left the group 3k contracts less net short to 89,271. The managed money firms were adding new shorts in KC wheat, expanding their net short by 3.4k contracts to 37,449. The report showed the funds were closing shorts in MGE wheat, lightening their net short by 3.3k to 27,726 contracts.

The International Grains Council (IGC) raised estimated world production 2 MMT, with bigger Russian and Turkish crops. Carryout was 1 MMT looser at 264 MMT – compared to 281 last season.

StoneX estimated the Brazilian wheat crop at 9.28 MMT, down from 10.53 MMT in the prior outlook – citing the hot and dry conditions in the C-S regions.

Dec 23 CBOT Wheat  closed at $5.50 3/4, down 2 3/4 cents,

Mar 24 CBOT Wheat  closed at $5.75 3/4, down 5 1/4 cents,

Cash SRW Wheat  was $4.70 3/8, down 2 5/8 cents,

Dec 23 KCBT Wheat  closed at $6.18, down 9 1/4 cents,

Cash HRW Wheat  was $5.50 5/8, down 9 1/4 cents,

Dec 23 MGEX Wheat  closed at $7.15 1/2, down 10 1/2 cents,

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.


Be the first to comment

Leave a Reply

Your email address will not be published.