AgriCharts Market Commentary

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Wheat

Wheat futures settled Friday with most contracts 12 to 14 cents lower. Nearby CBT lost 1.96% on the week, with KC down 2.62% and MPLS 2.76% lower. Forecasts for this weekend are still showing moisture across the Southern Plains, although amounts have been reduced. The large spec funds in Chicago wheat futures and option held a net short position of 50,138 contracts as of Tuesday, 4,734 less bearish than the week prior. In KC wheat futures and options, they were shown to have a net long position of 35,925 contracts on 4/17.

May 18 CBOT Wheat closed at $4.63 1/4, down 13 1/2 cents,

May 18 KCBT Wheat closed at $4.82 3/4, down 12 1/2 cents,

May 18 MGEX Wheat closed at $6.00, down 13 1/4 cents

Wheat

Wheat futures are showing losses of 8 to 9 1/2 cents in most contracts on Friday. Forecasts for this weekend are still showing moisture across the Southern Plains, although amounts have been reduced. Commitments for US all wheat exports are now lagging last year by 16.9%. Compared to the USDA projection they are 92% completed, with just 7 reporting weeks left in the MY. Their normal pace would show 102% of the export projection reached, with last year at 105%.

May 18 CBOT Wheat is at $4.68 3/4, down 8 cents,

May 18 KCBT Wheat is at $4.86, down 9 1/4 cents,

May 18 MGEX Wheat is at $6.03 3/4, down 9 1/2 cents

Wheat

Wheat futures are mostly 6 to 8 cents lower in all three markets. They saw 4 to 6 3/4 cent gains in the KC contracts on Thursday. The CBT was up 1 to 2 cents, with MPLS down 4 to 6 cents. The USDA reported a total of 452,140 MT for all wheat export in the week that ended 4/12. That was up 3.61% from the week prior but still 39% behind last year. Commitments for all wheat exports are now lagging last year by 16.9%. Compared to the USDA projection they are 92% completed, with just 7 reporting weeks left in the MY. Their normal pace would show 102% of the export projection reached, with last year at 105%. Japan purchased 101,902 MT of wheat in their weekly MOA tender from the US and Canada on Thursday, with 68,786 MT US specific.

Wheat

Wheat futures saw 4 to 6 3/4 cent gains in the KC contracts on Thursday. CBT was up 1 to 2 cents, with MPLS down 4 to 6 cents. The USDA reported a total of 66,857 MT in net cancelations in old crop all wheat export sales for the week that ended 4/12. Japan showed the largest net cancelation of 65,000 MT, with unknown at a net reduction of 63,700 MT. New crop sales beat out expectations at 240,410 MT, a MY high. Weekly exports for all wheat totaled 452,140 MT, up 3.61% from the week prior but still 39% behind last year. Japan purchased 101,902 MT of wheat in their weekly MOA tender from the US and Canada on Thursday, with 68,786 MT US specific. In Iraq’s most recent tender, they purchased 100,000 MT of Australian wheat.

May 18 CBOT Wheat closed at $4.76 3/4, up 1 1/2 cents,

May 18 KCBT Wheat closed at $4.95 1/4, up 6 1/2 cents,

May 18 MGEX Wheat closed at $6.13 1/4, down 4 3/4 cents

Wheat

Wheat futures are showing gains of 2 to 3 1/4 cents in the KC contracts. CBT is currently 1 to 3 cents lower, with MPLS down 7 to 9 cents. The USDA reported a total of 66,857 MT in net cancelations in old crop all wheat export sales for the week that ended 4/12. Japan showed the largest net cancelation of 65,000 MT, with unknown at a net reduction of 63,700 MT. New crop sales edged out expectations at 240,410 MT, a MY high. Japan purchased 101,902 MT of wheat in their weekly MOA tender from the US and Canada on Thursday, with 68,786 MT US specific. In Iraq’s most recent tender, they purchased 100,000 MT of Australian wheat.

May 18 CBOT Wheat is at $4.74, down 1 1/4 cents,

May 18 KCBT Wheat is at $4.92, up 3 1/4 cents,

May 18 MGEX Wheat is at $6.09 3/4, down 8 1/4 cents


Market Commentary provided by:

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