Wheat Futures PricesFriday, May 24th, 2013
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Latest Brugler Wheat Report
Wheat futures settled about a nickel lower in Chicago today. KC was down 8 3/4 to 9 ½ cents and MPLS was off 5 ½ to 7 ½ cents. Profit taking was the main theme are an up day on Thursday and facing a federal holiday on Monday. China bought 180,000 MT of new crop SRW from the US, reported under the daily reporting system this morning. Canadian planting continues to be quite slow. It is now 27% completed in Saskatchewan, lagging the 44% average pace for this part of May. China continues to sell reserve wheat back into the market ahead of harvest. They sold 260,000 MT of 775,000 MT offered. This afternoon’s CFTC report showed the large Managed Money spec funds increased their net short position in Chicago wheat by 23,222 contracts.
InsideFutures Grains News
Due to grow seasons and seasonal fluctuations in wheat supply and demand, wheat futures tend to be highest from August through September, and lowest from January through May. These are not guaranteed trends, however, so traders of wheat futures must stay abreast of fluctuations in wheat prices and wheat quotes. Our up-to-date wheat futures table provides a summary of wheat prices with links to wheat quotes.