Wheat Ends Lower on Friday

Wheat Markets End Week Lower

Wheat futures declined across all major exchanges on Friday. Chicago SRW contracts dropped by 5 to 6 cents, with the March contract closing 8 1/4 cents lower for the week. Kansas City HRW futures also saw losses of 7 to 8 cents in most contracts, as March ended the week down 13 1/2 cents. Meanwhile, Minneapolis spring wheat remained mostly unchanged or slipped by up to 2 cents, with March finishing the week 8 1/4 cents lower.

Export Commitments and Market Data

Recent export sales figures show wheat export commitments at 21.974 million metric tons, marking a 17% increase compared to the same period last year. This represents 90% of the USDA's annual projection, just behind the typical pace of 91%.

Market Highlights

Upcoming Reports and Positioning

The USDA is set to release updated WASDE figures on Tuesday. According to a Bloomberg poll, analysts expect U.S. wheat stocks to average 918 million bushels, which would be 8 million bushels lower than January's estimate if confirmed.

Data from the CFTC indicates that, as of February 3, speculative funds reduced their net short position in CBT wheat by 12,988 contracts, bringing the total net short to 81,755 contracts. In the Kansas City wheat market, managed money trimmed their net short by 1,485 contracts, leaving a net short position of 8,844 contracts.

Canadian Wheat Stocks Update

StatsCanada reported wheat stocks as of December 31 at 27.5 million metric tons, representing a 5.9% increase from the previous year. Excluding durum wheat, stocks reached 22.15 million metric tons, up 3.2% year-over-year.

Recent Wheat Futures Closings

• March 26 CBOT Wheat: Closed at $5.29 3/4, down 5 1/2 cents
• May 26 CBOT Wheat: Closed at $5.39, down 5 cents
• March 26 KCBT Wheat: Closed at $5.31 1/4, down 7 1/4 cents
• May 26 KCBT Wheat: Closed at $5.43 1/2, down 7 cents
• March 26 MIAX Wheat: Closed at $5.70, down 1 1/2 cents
• May 26 MIAX Wheat: Closed at $5.83 1/2, down 1 3/4 cents