Wheat Dropping to Start Monday


The wheat complex is trading with losses this morning, as CBT is leading the way lower. . The three markets posted Friday gains across the board. Chicago contracts were up 2 to 4 1/2 cents, with Kansas City HRW futures 6 to 8 1/2 cents higher. MPLS was up 2 to 5 ¾ cents at the close for the week.

French soft wheat conditions were rated at 64% gd/ex as of 4/8, a 1% decline from the week prior according to the FranceAgriMer. Last year’s soft wheat ratings were 94% gd/ex, with the current data the lowest for the current week since 2020. Russia’s ag ministry raised their wheat export tax by 1.3% to 3,276.6 roubles/MT (95 cents/bu) as of April 17 through April 23. 

Spec funds in CBT wheat futures and options cut 5,376 contracts from their net short as of 4/9, taking it to 86,568 contracts. In KC wheat, they were adding 4,137 contracts to their net short, at 44,611 contracts on that Tuesday. 

May 24 CBOT Wheat  closed at $5.56, up 4 1/4 cents, currently down 8 cents

Jul 24 CBOT Wheat  closed at $5.70 3/4, up 4 1/2 cents, currently down 7 1/2 cents

May 24 KCBT Wheat  closed at $5.89 3/4, up 6 1/2 cents, currently down 5 ¼ cents

Jul 24 KCBT Wheat  closed at $5.87, up 8 1/2 cents, currently down 6  cents

Jul 24 MGEX Wheat  closed at $6.50, up 4 3/4 cents, currently down 2 ½ cents

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.