Wheat Up by Double Digits Overnight

Wheat starts the new week 6 to 11 cents higher, with double digit gains in both KC and CHI. Dry forecasts for areas still planting winter wheat (US, Russia, Ukraine in particular) are keeping a bid under the market. Friday wheat trading left winter wheat futures in the black but spring wheat lower. SRW futures closed the last trade day of the week 3 to 4 cents higher. Dec SRW was 5% higher from Friday to Friday. HRW futures ended the session 3 to 3 1/2 cents stronger, with Dec up 6.7% wk/wk. HRS futures were down 1 3/4 to 2 cents on the day, but Dec was still 2 pennies higher on the week. CFTC’s weekly Commitment of Traders report showed a 12,424 contract net long from funds in SRW. That was down 2,119 contracts on net with lower OI. Managed money funds were 18,025 contracts net long in KC wheat. In HRS futures and options, spec traders added more shorts and expanded their net short to 4,830 contracts. USDA is expected to show winter wheat planting 48-50% done in tonight’s report.

--- provided by Brugler Marketing & Management

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