Wheat futures advanced on Friday across the three major markets, building momentum into the long weekend. Chicago SRW futures rose 7 to 8 cents, with the March contract up just three-quarters of a cent from the previous week. In Kansas City, HRW futures gained 9 to 10 cents in nearby months, though March was down 3 cents weekly. Minneapolis spring wheat increased 2 to 3 cents across front months on Friday, with March declining two and a half cents this week.
Trading will pause on Monday for the Martin Luther King Jr. Day holiday, resuming Monday evening.
The latest CFTC Commitment of Traders data, updated through Tuesday, showed managed money reducing their net short position in CBT wheat futures and options by 936 contracts to 106,229 contracts. Speculators held a net short of just 12,781 contracts in KC wheat futures and options as of January 13, a decrease of 2,874 contracts from the prior week.
Export Sales data through January 8 indicates total wheat commitments at 20.392 million metric tons, 15% higher than last year. This represents 83% of the USDA's export projection, slightly below the 85% average pace. Export shipments stand at 15.465 million metric tons, reaching 63% of the USDA estimate and exceeding the 59% average shipping rate.
A South Korean importer bought 92,300 metric tons of US wheat in a tender on Thursday.
Closing prices on Friday were: March 26 CBOT Wheat at $5.18, up 7 1/2 cents; May 26 CBOT Wheat at $5.28 3/4, up 7 1/4 cents; March 26 KCBT Wheat at $5.27 1/4, up 10 cents; May 26 KCBT Wheat at $5.38 1/4, up 9 1/2 cents; March 26 MIAX Wheat at $5.65, up 2 1/2 cents; May 26 MIAX Wheat at $5.77 1/2, up 2 1/2 cents.