Wheat Goes into the Weekend on a High Note

Wheat futures made gains at Friday’s close, with nearby contracts up double digits. Dec HRW leading the way seeing 16 1/4 cent gains. French milling wheat hit their highest price on the nearby chart since July this week. The USDA cut 10 cents from the projected US cash average prices for 19/20 to $4.70. If realized, that would be a three-year low. USDA left estimated Russia production at 72.5 MMT, with several other Russian firms in the 74-75 MMT range. This afternoon the CFTC reported that managed money held net short positions in wheat futures. Chicago saw a net short of 19,138 contracts as of Tuesday. Managed money was net short KC wheat futures by 35,076 contracts. MLPS wheat was at a net short position in managed money by 11,777 contracts as of Tuesday.

DEC 19 CBOT Wheat is at $5.08, up 15 cents,

DEC 19 KCBT Wheat is at $4.19 1/2, up 16 1/4 cents,

DEC 19 MGEX Wheat is at $5.48, up 12 3/4 cents

--provided by Brugler Marketing & Management

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