Wheat Higher on Friday

Wheat closes the week with Friday gains, and MPLS spring wheat led the way. MGE HRS futures were 8 1/2 to 9 3/4 cents higher at the close, which was enough to erase the week’s early losses. Chicago SRW futures, gained 6 cents on the weekly chart after pulling off a 5 1/4 cent rally on Friday. As for KC HRW futures, prices were up 9 1/4 to 9 1/2 on Friday, but the March contract still posted a weekly loss of minus 1/4 cent. The managed money Chicago wheat position was 29,787 contracts net long in the CoT report. That was a 28 week high for managed money’s net position in the Chicago wheat market. As for KC wheat spec traders, the CFTC’s report showed a net position of 7,935 contacts long, which was a 5,119 contract increase over last week, and was the third consecutive week managed money was net long. Spring wheat specs were still net short, but they reduced their position by 794 contracts to 3,515 contracts. Of the weekly export sales from the week ending 01/09, MPLS HRS wheat was most favored with 286,883 MT in old crop sales (44.09% of the total); KC HRW wheat accounted for 31.58% of the total sales, white wheat was 20.57%, and Chicago wheat made up 3.68% of the 01/09 week’s bookings.

Mar 20 CBOT Wheat closed at $5.70 1/2, up 5 1/4 cents,

Mar 20 KCBT Wheat closed at $4.94 1/4, up 9 1/2 cents,

Mar 20 MGEX Wheat closed at $5.60, up 9 3/4 cents,

--- provided by Brugler Marketing & Management

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