Wheat Futures Higher for Weekend

On Friday, front month wheat futures closed double digits in the black. CBT SRW wheat futures closed 14 1/4 to 18 3/4 cents higher, which for Dec added to a 33 cent move for the week. KC HRW futures were 15 1/2 to 16 3/4 cents higher at the close. KC wheat futures were the strongest gainer on the week, rallying 7% from Friday to Friday. MGE HRS wheat was 3.57% higher on the week, helped by 9 3/4 to 10 cent Friday gains. The CoT report showed managed money was 15,112 contracts net long in CBT wheat. Long liquidation with new selling reduced the net long 35% on the week (through Tuesday). In KC HRW, spec traders were 10,192 contracts net long. That was a 1,269 contract increase wk/wk. Managed money open interest increased 845 contracts in MGE wheat reducing the net short to 3,008 contracts. That is the closest they have been to being bullish since 2018.

Dec 20 CBOT Wheat closed at $5.75, up 18 3/4 cents,

Dec 20 KCBT Wheat closed at $5.04 1/4, up 16 3/4 cents,

Dec 20 MGEX Wheat closed at $5.51 1/4, up 9 3/4 cents,

--- provided by Brugler Marketing & Management

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