Wheat is slipping back 3 to 6 cents in the front months, with spring wheat fractionally lower. The wheat complex posted mostly weaker trade on Friday, though futures held on to the weekly gains. Chicago SRW futures were down 1 to 3 cents to close out the week, as March was 9 ¼ cents higher last week Open interest fell 3,525 contracts, mostly in the March (4,435 contracts). KC HRW futures were steady to fractionally lower in the front months, with nearby March up 18 ¼ cents over the previous Friday. OI was down 3,783 contracts. MPLS spring wheat saw fractional to penny losses on Friday, with the front month March contract up 1 ¼ cents on the week.
The forecast for the next 7 days showed very little precip for much of the Plains, with some very light and spotty totals for SRW country following weekend precip events.
Over the weekend, President Trump and Ukraine’s president Zelensky discussed peace talks to end the current war with Russia. President Trump stated they were close to an agreement, though there was still some disputes that remained unresolved.
Mar 26 CBOT Wheat closed at $5.19, down 2 3/4 cents, currently down 3 1/2 cents
May 26 CBOT Wheat closed at $5.30 3/4, down 1 1/2 cents, currently down 3 3/4 cents
Mar 26 KCBT Wheat closed at $5.33 1/2, down 1/2 cent, currently down 5 cents
May 26 KCBT Wheat closed at $5.46, unch, currently down 4 3/4 cents
Mar 26 MGEX Wheat closed at $5.79 1/4, down 1 cent, currently down 3/4 cent
May 26 MGEX Wheat closed at $5.90 1/2, down 3/4 cent, currently down 1/4 cent
