Wheat is showing just marginal losses early on Monday. The wheat market posted Friday losses across the three markets to end the week. CBT soft red wheat futures closed the day with 6 to 7 ¼ cent losses, as the Friday action saw December down 2 ¾ cents last week. Open interest slipped 1,716 contracts on Friday. KC HRW futures were 6 to 7 cents lower on the session, with December ending the week 1 ¾ cents lower than it started. Preliminary open interest was up 1,178 contracts on Friday. MPLS spring wheat futures posted losses of 5 to 6 cents on Friday, with December managing to hold onto a ¼ cent gain since last Friday.
Spec traders in Chicago wheat futures and options increased their net short position by 12,110 contracts to 97,935 contracts as of September 23. In Kansas City wheat, managed money was busy trimming back their net short by 1,230 contracts as of Tuesday to 50,304 contracts.
The weekly USDA Export Sales report has export sale commitments now at 13.699 MMT, which is up 23% from last year and the highest since 2013/14. That is 56% of the USDA export projection and ahead of the 5-year average pace at 54%.
USDA’s Grain Stocks report will be released on Tuesday, with analysts looking for 2.054 bbu of wheat stocks on hand on September 1 according to Bloomberg’s survey. The range of estimates is 1.975 to 2.22 bbu.
Sovecon estimates the Russian wheat exports at 43.4 MMT, down 0.3 MMT from the previous estimate.
Dec 25 CBOT Wheat closed at $5.19 3/4, down 7 1/4 cents, currently down 1 1/2 cents
Mar 26 CBOT Wheat closed at $5.38 1/4, down 6 3/4 cents, currently down 1 1/2 cents
Dec 25 KCBT Wheat closed at $5.05 1/2, down 6 3/4 cents, currently down 1 1/2 cents
Mar 26 KCBT Wheat closed at $5.26 1/4, down 7 cents, currently down 1 1/4 cents
Dec 25 MGEX Wheat closed at $5.68 3/4, down 5 1/4 cents, currently down 3/4 cent
Mar 26 MGEX Wheat closed at $5.88, down 5 cents, currently down 1/2 cent
