Wheat is down across most contracts on Monday morning. The wheat complex closed Friday with losses. Chicago SRW futures were down 4 to 5 cents in most contracts, as March was down 6 ½ cents on the week. Open interest on Friday was up 1,680 contracts. KC HRW futures were 4 to 5 cents on Friday, with March losing 13 ¼ cents since the previous Friday. OI rose 3,304 contracts on Friday MPLS spring wheat was fractionally lower to close Friday, with March up 2 ¾ cents on the week.
Export Sales data for the week ending on November 20 will be released this morning, with analysts looking for 300,000-750,000 MT in wheat sales.
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Commitment of Traders data as of November 18 showed spec funds trimming 10,070 contracts as from their net short position in Chicago wheat futures and options to 48,691 contracts as of that date. In KC wheat futures and options, managed money cut 13,278 contracts from their net short to 19,939 contracts.
Mar 26 CBOT Wheat closed at $5.29 1/4, down 4 1/4 cents, currently down 3 3/4 cents
Mar 26 KCBT Wheat closed at $5.18, down 4 1/4 cents, currently down 3 cents
Mar 26 MGEX Wheat closed at $5.76 3/4, down 1/2 cent, currently down 1/4 cents
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