Winter Wheat Closes Lower

Spring wheat gained on winter wheat futures as the Friday complex closed mixed. HRS futures were up 2 to 4 1/2 cents in the front months on Friday. From week to week, March HRS rallied 8 1/2 cents. SRW futures closed 2 1/4 to 3 1/2 cents in the red on Friday, ending the week a penny below last Thursday. HRW futures closed the last trade day of the week down by 3 1/2 to 4 cents. That added to an 8 cent drop for March wk/wk. CFTC’s weekly data release showed managed money was 25,210 contracts net long in CBT wheat on 1/5. That was an 11,850 contract increase to their net long wk/wk. In HRW, specs were 1,103 contracts less net long from a 6,205 increase in managed money’s OI. MGE wheat spec traders grew their net long 3,815 contracts to 7,748 contracts. A Reuters survey shows analysts expect USDA to report winter wheat acreage at 31.528 million (with the range of estimates slightly lower to 6% higher yr/yr). On average HRW acreage is estimated to increase 3.6% from 2020/21 to 22.14m acres; and SRW is estimated at 5.884m acres, up 5.6% yr/yr. The Buenos Aires Grain Exchange increased their estimate of the Argentine wheat crop to 17 MMT from 16.8 MMT due to realizing higher than expected yields.

Mar 21 CBOT Wheat closed at $6.38 3/4, down 3 1/2 cents,
Mar 21 KCBT Wheat closed at $5.94 3/4, down 3 3/4 cents,
Mar 21 MGEX Wheat closed at $6.07 3/4, up 4 1/2 cents,

--- provided by Brugler Marketing & Management




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