AM buying has the wheat market off overnight lows and starting the day session near the highs. The hard red futures are fractionally higher still, while SRW is up by 3-4 cents. On Friday, Chicago prices were up 3 ¾ to 5 cents with a net 24 ¾ cent loss for Dec wk/wk. Preliminary open interest rose 2,523 contracts for some net new buying. KC wheats settled fractionally to 2 ½ cents in the black, ending the week 35 ¼ cents lower to a new low for the move in Dec HRW. Spring wheat futures firmed up 3 to 5 ¾ cents on the last trade day of the week. That left Dec HRS contracts 18 ½ cents lower for the week’s move. 

CoT data had managed money traders 96,805 contracts net short in Chicago wheat as of 9/19. That was a 12k contract stronger net short fueled by net new selling for the week. KC spec traders were 818 contracts less net short after light net new buying. The group was shown 12,330 contracts net short as of 9/19. CFTC reported managed money with a 15,177 contract net short in Minneapolis futures. That was a 1,816 contract stronger net short for the week via net new selling. 

The International Grains Council estimates world wheat production at 783 MMT, down 1 from their prior outlook and now 22 MMT lower yr/yr. Wheat carryout is also seen 20 MMT lower yr/yr, but was raised by 2 MMT from their prior forecast to 263 MMT. 

Dec 23 CBOT Wheat  closed at $5.79 1/2, up 3 3/4 cents, currently up 3 3/4 cents

Mar 24 CBOT Wheat  closed at $6.06 1/2, up 4 1/4 cents, currently up 3 1/2 cents

Cash SRW Wheat  was $4.92 1/4, up 3 7/8 cents,

Dec 23 KCBT Wheat  closed at $7.11 1/4, up 3/4 cent, currently up 1/4 cent

Cash HRW Wheat  was $6.40 1/2, up 1 3/4 cents,

Dec 23 MGEX Wheat  closed at $7.70 1/2, up 3 cents, currently up 1/2 cent