Wheat Prices Higher for Weekend
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Going into the weekend, wheat futures posted more gains. SRW futures ended the session up by 7 3/4 to 9 1/4 cents. KC wheat closed with 10 cent old crop gains and 8 3/4 to 10 cent new crop gains. Minneapolis spring wheat went into the weekend break with gains of 7 to 8 1/4 cents. 

The weekly CoT report showed SRW spec funds reduced their net long by 2,676 contracts to 10,723 through the week ending 5/4. That came on 5,556 contracts lighter OI. PMPUs also reduced their OI during the week by 20,749 contracts, leaving commercials 2,517 contracts less net short. In HRW, CFTC data showed managed money funds were 3,962 contracts more net long on 5/4 from net new buying. Managed money funds were also net buyers in HRS through the reporting week, increasing the net long 1,827 contracts to 15,906. 

Trader estimates averaged 294.7 MMT for global old crop wheat carryout ahead of next Wednesday’s WASDE update. That would be down 0.8 MMT from the April figure if realized. The trade expects USDA to set the initial 21/22 world wheat carryout at 279.4 MMT, with a  wide range of estimates between 283 and 320 MMT. 

StatsCan released grain stocks data as of March 31 this morning showing 16.231 MMT of wheat supply. That compares to 18.781 MMT of wheat stocks in March 2020. Russia’s IKAR reduced their 21/22 wheat output forecast by 500k MT to 79 MMT. 

Cash SRW Wheat  was $7.35 3/8, up 8 3/8 cents,

Jul 21 CBOT Wheat  closed at $7.61 3/4, up 8 1/2 cents,

Cash HRW Wheat  was $7.07 1/5, up 10 cents,

Jul 21 KCBT Wheat  closed at $7.36 3/4, up 10 cents,

Jul 21 MGEX Wheat  closed at $7.97 1/2, up 7 cents,




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