Wheat Closes with Losses on Friday

March wheat options expired on Friday. Chicago SRW futures closed 9 cents lower on Friday, but that didn’t erase the week’s gains as CBT wheat finished 8 1/4 cents higher wk/wk. Kansas City wheat was 5 1/4 cents lower at but gained 2 3/4 cents wk/wk. March HRS futures were 3 1/2 cents lower, which erased most of the week’s progress as futures were 1/2 a cent/bu lower wk/wk. The USDA listed 2020/21 wheat production of 1.836 bbu at their annual Ag Outlook Forum, the lowest level since 06/07 MY. USDA’s estimate for 20/21 ending stocks of 777 mbu, would be the lowest carryout since the 14/15 MY. The CoT report Friday afternoon showed that Chicago wheat spec traders expanded their net long 40.87% wk/wk to 64,715 contracts. Managed money was net long 14,312 HRW contracts as of 02/18. Spring wheat spec traders expanded their net short to an 8-week high 11,891 contracts. USDA’s Export Sales report from the week ending 02/13 indicated 346,290 MT of old crop wheat sales. Wheat shipments from the report were 595,345 M, which was 40.61% higher yr/yr, and put MYTD exports at 17.210 MMT. Accumulated wheat exports remain steadily 14.84% above last year’s pace. Taiwan purchased 102,525 MT of US wheat in their recent tender.

Mar 20 CBOT Wheat closed at $5.51, down 9 cents,

Mar 20 KCBT Wheat closed at $4.68 1/2, down 5 1/4 cents,

Mar 20 MGEX Wheat closed at $5.26, down 3 1/2 cents,

---provided by Brugler Marketing & Management

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