Wheat

Wheat futures are currently 8 to 10 cents higher in the front CBT and KC contracts, as MPLS is up 4 to 5 cents. This morning’s Export Inspections report showed 487,902 MT of wheat shipped for the week that ended 2/8. That was 13.57% above the last week and nearly 50.22% larger than the same time last year. Spec funds were shown reducing their CFTC net short position 13,369 contracts during the week of 2/6, to a net position of 83,394 contracts in CBT wheat futures and options. In KC wheat futures and options, they flipped their net position 17,054 contracts to a net long position of 15,157 contracts. That is the first time they have held a net long position since early October. Australia made the lowest offer in Iraq’s recent tender, with the offers to remain valid until Thursday.

Mar 18 CBOT Wheat is at $4.58 1/2, up 9 1/2 cents,

Mar 18 KCBT Wheat is at $4.74 1/4, up 8 3/4 cents,

Mar 18 MGEX Wheat is at $6.07 3/4, up 4 1/4 cents




Market Commentary provided by:

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