The wheat complex fell lower on Friday, with contracts down across the three markets. Chicago SRW futures were 5 to 6 cents lower on Friday, as March was 8 ¼ cents in the red at the close. KC HRW futures were down 7 to 8 cents in most contracts, as March slipped 13 ½ cents this week. MPLS spring wheat was steady to 2 cents lower, as March was down 8 ¼ cents on the week.
Export Sales data has wheat export commitments at 21974 MMT, a 17% improvement from last year for the same week. That is now 90% of USDA’s forecast and slightly behind the 91% average pace.
USDA will release updated WASDE data on Tuesday, with a Bloomberg survey showing analysts at an average of 918 mbu for US wheat stocks, down 8 mbu from January if realized.
CFTC data showed a total of 12,988 contracts cut from the spec fund CBT wheat net short position in the week ending on 2/3, with the net short at 81,755 contracts. In KC wheat, managed money showed another 1,485 contracts trimmed from the net short position at 8,844 contracts.
StatsCanada released December 31 stocks data this morning, with total wheat stocks at 27.5 MMT, 5.9% above the same time last year. Of that, wheat excluding durum was 22.15 MMT, up 3.2% from the year prior.
Mar 26 CBOT Wheat closed at $5.29 3/4, down 5 1/2 cents,
May 26 CBOT Wheat closed at $5.39, down 5 cents,
Mar 26 KCBT Wheat closed at $5.31 1/4, down 7 1/4 cents,
May 26 KCBT Wheat closed at $5.43 1/2, down 7 cents,
Mar 26 MIAX Wheat closed at $5.70, down 1 1/2 cents,
May 26 MIAX Wheat closed at $5.83 1/2, down 1 3/4 cents,
