Friday Losses in Wheat Market

Wheat was lower on Friday, with Minneapolis down the most. Despite a 7 cent giveback in March futures, SRW wheat was still 3 cents higher on the week. KC HRW futures were 6 1/4 lower from Friday’s action, and ended the week 8 3/4 cents lower. The MGE HRS futures fell by 8 ¼ on Friday, which put futures lower by 15 cents wk/wk. In the latest CoT report from the 01/21, Chicago wheat spec traders were 40% more net long. In KC HRW futures, managed money was also more net long as OI in managed money shorts has dropped 7 consecutive weeks. The Spring wheat spec traders extended their longest net short on record, which is now up to 72 consecutive weeks. USDA’s weekly export sales report had wheat bookings for the week ending 01/16 at 741,983 MTs, with 46,000 MT of new crop wheat bookings. The report showed a weekly increase of 14.21% in wheat shipments, with 19.290 mbu shipped. That puts MYTD exports for all wheat at 568.987 mbu, which is 16.49% ahead of last MY’s pace.

Mar 20 CBOT Wheat closed at $5.73 1/2, down 7 cents,

Mar 20 KCBT Wheat closed at $4.86, down 6 1/4 cents,

Mar 20 MGEX Wheat closed at $5.47 1/2, down 8 1/4 cents,

--- provided by Brugler Marketing & Management

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