Wheat Markets Giving Bank Some Friday Gains Early On Monday

Wheat futures are 4 to 8 cents per bushel lower in early Monday trade. After another sharply lower week of trade, wheat futures squared up with Friday gains into the weekend. Chicago SRW prices ended Friday 1.7% to 2% in the black, but May was still down by 29 1/2 cents for the week.

May is a 12 1/2 cent carry to March ahead of Tuesday’s expiration. KC HRW futures ended the day with some 20 cent gains in the nearbys, which helped mitigate May’s weekly drop to 18 cents. May futures were still below the $8 mark at the close and were a 13 cent discount to the March. 

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  The spring wheat futures market ended Friday 8 1/4 to 9 cents higher on Friday. May HRS was a 48 cent loss from Friday to Friday.

There were 33 delivery notices vs. March CBT wheat overnight, all stopped by an Advantage customer. There is no remaining open interest in March KC.

The latest CoT report showed managed money SRW traders were 72k contracts net short as of 2/21. That was their strongest net short since January 24. In KC wheat, the spec traders were 15,974 contracts net long and added 4,367 contracts that week. Negotiations continue regarding the possible extension of the Grain Export Corridor deal, due to expire this week.