The wheat market experienced renewed buying pressure towards the end of Friday’s trading session, though prices overall remained weakness-driven. Chicago SRW contracts finished 1 to 3 ¾ cents lower, with December futures down 11 cents for the week. KC HRW futures saw losses of 1 to 5 ¾ cents during the session, pushing December contracts 21 ¾ cents below the previous Friday’s close. MPLS spring wheat prices declined between 6 ¾ to 8 ¾ cents, with the December contract dropping 27 ¾ cents this week.
Discussions between several Middle Eastern nations, including Turkey, Egypt, and India, continue regarding secure cargo shipments through the Black Sea, though no agreements have been finalized. Concurrently, attacks on energy infrastructure have persisted without significant cessation.
Speculative traders in Chicago wheat futures and options increased their net short position by 8,968 contracts as of September 22, reaching a new total of 13,144 contracts. Managed money in KC wheat reduced their net long exposure by 4,015 contracts, settling at 41,743 contracts.
USDA export sales data reveals total US wheat sales commitments at 9.449 million metric tons, marking a 31% decline from the same period last year. This year-to-date sales volume represents 45% of the USDA’s projected exports, with the current sales rate at 54% of the annual target.
Meteorological forecasts from NOAA predict 2 to 4 inches of precipitation across the Texas Panhandle to northeastern regions within the next seven days. This rainfall provides essential soil moisture to drought-affected areas but may impede agricultural planting progress.
Dec 26 CBOT Wheat closed at $7.03 1/4, down 3 3/4 cents,
Mar 27 CBOT Wheat closed at $7.18 1/4, down 3 1/4 cents,
Dec 26 KCBT Wheat closed at $7.62, down 5 cents,
Mar 27 KCBT Wheat closed at $7.74, down 5 1/2 cents,
Dec 26 MIAX Wheat closed at $7.14 1/2, down 6 3/4 cents,
Mar 27 MIAX Wheat closed at $7.34 3/4, down 7 1/2 cents,
