Wheat is trading lower across the winter wheat contracts on Tuesday morning, with spring wheat steady. The wheat complex rallied into the long weekend with gains across the three markets. Chicago SRW futures were 7 to 8 cents higher on Friday, with March up just ¾ cent from last week. Some short covering was noted, with open interest down 1,699 contracts. KC HRW futures saw Friday gains of 9 to 10 cents in the nearbys, with March down 3 cents on the week. OI was up 1,885 contracts on Friday. MPLS spring wheat was up 2 to 3 cents across the front months on Friday, with March down 2 ½ cents last week.
The weekly CFTC update via Commitment of Traders data showed managed money trimming just 936 contracts from their net short in CBT wheat futures and options to 106,229 contracts by Tuesday. As of January 13, specs were net short just 12,781 contracts in KC wheat futures and options, a 2,874 contract reduction from the week prior.
