Wheat Futures Mixed Following Contract Highs in MPLS
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 ZWZ21 - Wheat

Front month wheat futures are 2 cents lower to 2 cents higher this morning. Chicago SRW prices closed 8 to 9 3/4 cents higher, which for Dec ended UNCH with last Friday’s close. KC HRW futures closed 11 1/2 to 12 3/4 cents in the black. Spring wheat prices were up by 6 1/4 to 9 1/4 cents on the day, completing the week with a 22 1/4 cent gain and a new LOC high of $9.80/bu.  

USDA’s Export Sales report showed 567,598 MT of wheat was booked during the week ending 10/7. That was the second largest sale of the season. USDA reported 458,882 MT were shipped, which was down 10% from the same week last year. Accumulated wheat commitments sit 20% behind last year’s pace at 440 mbu, with 301.7 mbu of that already shipped.  

Japan’s Ministry of Ag booked 119,512 MT of wheat from U.S., Canada, and Australia in their regular tender. China’s National Grain Trade Center announced 1 MMT of wheat will be sold from state reserves on 10/20. Russia’s wheat export tax will be $61.30/MT this week, another $2.60 increase wk/wk.  

The weekly Commitment of Traders report noted net new selling form CBT wheat specs. That flipped the group back to net short by 8,546 contracts. In KC HRW wheat, managed money was 48,286 contracts net long as of 10/12. As for Spring wheat, CFTC data showed managed money funds were net buyers, adding 559 new longs taking their net long to 15,896 contracts.  

Dec 21 CBOT Wheat  closed at $7.34, up 9 1/4 cents, UNCH  this morning 

Cash SRW Wheat  was $6.83 4/5 on Friday, up 9 1/8 cents, 

Dec 21 KCBT Wheat  closed at $7.43 3/4, up 12 3/4 cents, up 1 ½ this morning 

Cash HRW Wheat  was $7.20 4/5 on Friday, up 12 7/8 cents, 

Dec 21 MGEX Wheat  closed at $9.68 3/4, up 8 3/4 cents, down 1 ¼ this morning 

Market Commentary provided by:

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