Wheat Extended Rally to 3-Year Highs into the Weekend

The wheat complex extended the move to 3-year highs for the winter wheats into the weekend. Chicago SRW contracts rallied 10 ½ to 24 ¼ cents across the board on Friday, with September 85 ½ cents higher on the week. KC HRW futures saw gains of 10 to 24 ¼ cents in the front months, as September was 71 ½ cents higher since last Friday. MPLS spring wheat joined in on the rally, with contracts 8 ¼ to 12 ½ cents higher, as September was up 47 cents this week.

Export disruptions and limitations out of the Black Sea has added premium to the market, with a merchant vessel off the Romanian coast catching fire late on Thursday and sinking. It was reportedly struck though no additional info was available 

Export Sales data shows wheat sales for the current marketing year at 8.342 MMT, down 31% from the same week last year. That is 40% of the USDA export projection and behind the 52% average. 

CFTC’s weekly Commitment of Traders report showed managed money cutting back another 12,314 contracts from their CBT wheat net short position in the week of 8/25 to a net short of 14,171 contracts. Nearby Chicago has rallied 82 cents since Tuesday’s close. In KC wheat, specs added another 9,227 contracts to their net long to 44,062 contracts.

Ukraine’s Ag minister expects that the 2027 winter wheat crop “will definitely” be down from the 4.7 million hectares 11.61 million acres.

Sep 26 CBOT Wheat  closed at $7.67, up 24 1/4 cents,

Dec 26 CBOT Wheat  closed at $7.84, up 23 1/4 cents,

Sep 26 KCBT Wheat  closed at $8.27 3/4, up 24 1/4 cents,

Dec 26 KCBT Wheat  closed at $8.44 1/4, up 22 1/4 cents,

Sep 26 MIAX Wheat  closed at $7.45 1/4, up 12 1/2 cents,

Dec 26 MIAX Wheat  closed at $7.69 1/4, up 11 1/2 cents,

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