Wheat futures are steady to 1 1/2 cents lower in MPLS, with KC and CBT 4 to 6 cents lower in most contracts. The nearby HRS-HRW spread is the largest in over a year (Feb 2017) at $1.31 as snow cover and cold temps in the Northern Plains are causing concern over spring wheat acres. The Friday afternoon Commitment of Traders report indicated money managers in CBT futures and options added 13,882 contracts to their net short position of 72,449 contracts as of March 5. In KC wheat futures and options, they bumped their record net short position up to -44,870 contracts. The US average farm price range for 18/19 wheat was trimmed by 10 cents to $5.10-5.20, with the midpoint UNCH @ $5.15. Egypt’s Supply Minister indicated that he wants origins of wheat imports diversified. French FOB prices were down ~1.5% on Monday, with the Matif futures just a tick lower.
Mar 19 CBOT Wheat is at $4.28 1/2, down 4 1/4 cents,
Mar 19 KCBT Wheat is at $4.24 3/4, up 4 1/2 cents,
Mar 19 MGEX Wheat is at $5.55 3/4, down 1 1/4 cents
--provided by Brugler Marketing & Management