Wheat Gives Back Friday Gains Overnight
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Wheat markets begin the new week of trade with selling interest. Overall, US futures ae down 2 to 8 cents. At the closing bell on Friday, wheat futures were still up by double digits. CBT futures closed 8 3/4 to 10 cents higher, which for May meant a 31 3/4 cent gain for the week. KC HRW futures went into the weekend with 10 to 10 1/2 cent gains, increasing the week’s advance to 23 1/4 cents for May. MGE futures ended Friday 11 1/4 to 13 3/4 cents higher.  

After the close, the weekly CoT report showed managed money funds were net short 7,583 contracts of SRW wheat on 4/6. The report showed spec trader short covering through the week. In KC wheat, managed money reduced their net long 7,212 contracts, via new selling, to 14,510 contracts. CFTC data showed long liquidation from spring wheat spec traders, leaving the group 5,483 contracts net long.

USDA raised domestic wheat carryout by 16 mbu to 852 mbu via a 25 mbu reduction to feed and residual. Exports were left UNCH, but USDA shifted 5 mbu of HRW to white wheat.

Globally, USDA sees a 5.67 MMT smaller carryout now at 295.52 MMT. The U.S. market share for exports was down to 13.5% as USDA increased foreign trade, upping EU and Russia by 500k MT each.

Cash SRW Wheat  was $6.11 1/8 on Friday, up 10 cents per bushel,

May 21 CBOT Wheat  closed at $6.38 3/4, now down 5 1/2 cents,

Jul 21 CBOT Wheat  closed at $6.40 1/2, now down 5 1/4 cents,

Cash HRW Wheat  was $5.54 7/8 on Friday, up 9 7/8 cents,

May 21 KCBT Wheat  closed at $5.86 ½; down 2 cents this morning,

Jul 21 KCBT Wheat  closed at $5.94 1/4, now down 2 cents,

May 21 MGEX Wheat  closed at $6.54, up 13 3/4 cents; down 8 1/2 this morning

Market Commentary provided by:

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