Wheat Market Commentary

Wheat futures posted 9 to 14 1/2 cent gains in most contracts on Friday. All three markets posted modest gains on the week in their Dec contracts. September contracts expired today, with limited trading activity. Friday’s CFTC Commitment of Traders report indicated that specs in Chicago wheat futures and options trimmed their net long position by 24,351 contracts as of 9/11 to 18,415 contracts. In KC wheat futures and options, they cut 11,715 contracts from that net long to 43,539 contracts. After the USDA left their export projection UNCH in September’s S&D report, wheat commitments for export are now 35% of the full year estimate. The typical average for this time of year is 53%, with last year at 57%.

Dec 18 CBOT Wheat closed at $5.11 1/2, up 14 1/2 cents,

Dec 18 KCBT Wheat closed at $5.16 1/4, up 14 1/2 cents,

Dec 18 MGEX Wheat closed at $5.72 1/4, up 10 1/4 cents

Market Commentary provided by:

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