Wheat Futures PricesSun, Feb 7th, 2016
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Wheat futures settled the Friday session 1 to 6 3/4 cents lower, extending losses from Thursday. On the weekly board, MPLS Mar16 wheat held the firmest, losing only 8 3/4 cents. Mar16 wheat in CHI and KC was down 12 1/2 and 18 cents respectively. Pre-report estimates for the WASDE report on Feb 9 have traders estimating average 15/16 US ending stocks at 949 mbu (Jan: 941 mbu). World ending stocks are projected to dip slightly to 231.43 MMT (Jan: 232.04 MMT). After receiving only four offers (when up to 20 offers would be typical), Egypt once again canceled its tender for an unspecified amount of wheat. French offers were the cheapest at $186.64/ton FOB, but the GASC says prices offered were too high in comparison to an Algerian purchase on Thursday for $178/ton. Exporters have become hesitant to offer wheat to Egypt due to several rejections blaming a policy on ergot. Managed money accounts held net short positions of 48,685 contracts in CHI and 20,119 contracts in KC as of 2/2. Account holders reduced their net short position by 2,014 contracts in SRW, but increased the net short position by 3,610 contracts in HRW from the week before.
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.