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Tuesday, March 21, 2023 6:30:33 PM
Tuesday Losses For Wheat Market
By: Barchart | March 21, 2023
Wheats extended the downside again on Tuesday by another 1-2% across the winter wheat markets. MGE wheat futures were down 5 3/4 to 6 1/2 cents on Tuesday.
CFTC provided positions data as of the 3/14 settlement this afternoon. They showed SRW spec traders had reduced their net short by 5.4k contracts that week via net new buying. The funds were still 95k contracts net short. The KC wheat specs were extending their net short by 2.3k contracts through the week, to 12,732 as of 3/14. Managed money firms were 4,447 contracts net short in spring wheat, which was a 1,418 contract stronger net short through the week.
The Ukrainian Ag Ministry reported the spring planting season has begun, earlier than normal, with 26k HA of spring wheat already planted. Ukraine’s Farm Ministry forecasts a 9 MMT lighter grain harvest of 44.3 MMT for 2023. Of that, 16.6 MMT is forecasted to be wheat production.
Russian grain production is forecasted 19% lower for 23/24, with 82.6 MMT of wheat output – per UkrAgroConsult.
Read Full Story »»»
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By: Barchart | March 21, 2023
Wheats extended the downside again on Tuesday by another 1-2% across the winter wheat markets. MGE wheat futures were down 5 3/4 to 6 1/2 cents on Tuesday.
CFTC provided positions data as of the 3/14 settlement this afternoon. They showed SRW spec traders had reduced their net short by 5.4k contracts that week via net new buying. The funds were still 95k contracts net short. The KC wheat specs were extending their net short by 2.3k contracts through the week, to 12,732 as of 3/14. Managed money firms were 4,447 contracts net short in spring wheat, which was a 1,418 contract stronger net short through the week.
The Ukrainian Ag Ministry reported the spring planting season has begun, earlier than normal, with 26k HA of spring wheat already planted. Ukraine’s Farm Ministry forecasts a 9 MMT lighter grain harvest of 44.3 MMT for 2023. Of that, 16.6 MMT is forecasted to be wheat production.
Russian grain production is forecasted 19% lower for 23/24, with 82.6 MMT of wheat output – per UkrAgroConsult.
Read Full Story »»»
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