Wheat is holding onto Monday AM gains, though most contracts have slipped off overnight highs. The wheat complex is continued the rally into Friday, with contracts up sharply across the three markets. Chicago SRW futures were up 24 ½ to 33 cents at the close, as May was 25 ¼ cents higher last week. Open interest was up 13,504 contracts, showing net new buying. KC HRW futures were 23 ½ to 31 cents in the green on the day, with May rallying 43 cents lastweek. MPLS spring wheat was 13 to 23 1/2 cents higher at the close with May 30 ¼ cents higher last week.
Strikes on Iranian targets continued over the weekend, with the flow through the Strait of Hormuz effectively at a standstill. Crude oil is up $11.63 this morning, but nearly $17 off the overnight highs as G7 countries hinted at opening up 400 million barrels via strategic reserves.
Export Sales data from Thursday morning has taken export sales commitments to 23.204 MMT, which is 95% of USDA’s estimate near the 97% average sales pace. Shipments are 75% of USDA’s export number at 18.45 MMT, which is ahead of the 72% average pace.
Managed money was busy adding back 8,503 contracts to their net short in CBT wheat futures and options as of 3/3, taking it to 25,800 contracts by Tuesday. In KC wheat, specs were trimming back their fresh net long position by 2,338 contracts to 1,866 contracts.
The FranceAgriMer estimates the French wheat crop at 84% good/excellent, matching the rating from the previous week. Durum conditions were steady at 81%.
Mar 26 CBOT Wheat closed at $6.11 1/4, up 28 1/2 cents, currently up 19 ½ cents
May 26 CBOT Wheat closed at $6.16 3/4, up 33 cents, currently up 3 1/2 cents
Mar 26 KCBT Wheat closed at $6.11 1/2, up 26 1/4 cents, currently unch
May 26 KCBT Wheat closed at $6.23 1/2, up 31 cents, currently 4 3/4 cents
Mar 26 MIAX Wheat closed at $6.32 1/2, up 23 1/2 cents, currently unch
May 26 MIAX Wheat closed at $6.43, up 23 1/2 cents, currently up 9 3/4 cents
On the date of publication, Austin Schroeder 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.
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