Wheat Sneaks Out Gains Heading into the Weekend

The wheat complex saw Friday gains, as USDA gave a friendlier US number. CBT soft red wheat futures were 2 to 3 cents in the higher at the close, with December up 4 ¼ cents this week. KC HRW futures were up 4 to 5 cents across the front months, as Dec rose 9 ½ cents since last Friday. MPLS spring wheat was fractionally higher, with December up 5 ¾ cents this week.

The Friday afternoon Commitment of Traders report showed spec traders in Chicago wheat futures and options adding 10,451 contracts to their net short position of 92,394 contracts by Tuesday September 9^th. In Kansas City futures and options, specs trimmed their net short position by 1,656 contracts to 53,025 contracts.

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USDA’s monthly WASDE saw no changes to the demand side of the balance sheet this month as expected, though the demand did see one. Exports were raised by 25 mbu to 900 mbu, with stocks dropping by that same figure to 844 mbu. The US cash average price was also cut by 20 cents to $5.10. 

The world balance sheet saw a 3.98 MMT increase to stocks at 264.06 MMT. There were several major culprits, as Russia production was up 1.5 MMT, with the EU raised by 1.85 MMT, Canada and Ukraine 1 MMT higher, while Australia saw the biggest increase, up 3.5 MMT.

Sep 25 CBOT Wheat  closed at $5.03, up 8 cents,

Dec 25 CBOT Wheat  closed at $5.23 1/2, up 2 cents,

Sep 25 KCBT Wheat  closed at $4.87, up 1 1/4 cents,

Dec 25 KCBT Wheat  closed at $5.14 3/4, up 4 3/4 cents,

Sep 25 MGEX Wheat  closed at $5.50 1/4, up 2 cents,

Dec 25 MGEX Wheat  closed at $5.72 3/4, up 1/4 cent,

On the date of publication,

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