Wheat markets close mixed as weekly losses persist

Wheat markets closed Friday on a mixed note, with Chicago SRW futures steady to down 1.5 cents, leaving March down 19.25 cents for the week, Nasdaq reported on Sunday.

KC HRW contracts edged fractionally higher by up to 2 cents, but March still dropped 12.25 cents this week. MPLS spring wheat futures saw slight gains of up to 3.75 cents on Friday, limiting March losses to 8.25 cents for the week.

Weather forecasts suggest precipitation in parts of the Southern Plains and SRW regions, with above-normal temperatures reducing winter kill risks.

Commitment of Traders data revealed spec funds increased their Chicago wheat net short position to 87,401 contracts as of December 17, while KC wheat net shorts decreased slightly to 33,067 contracts.

Export sales data showed total wheat shipments at 11.316 MMT, up 29 per cent year-on-year but trailing the average pace. Commitments stand at 16.317 MMT, 9 per cent higher than last year but below the typical pace for this stage of the marketing year.

Russia announced a grain export quota of 10.6 MMT for February 15 to June 30, down from last year’s 29 MMT limit.

Attribution: Nasdaq

Subediting: M. S. Salama