The wheat market ended the week on a weak note, with all major contracts showing declines. Chicago SRW wheat futures fell between 1 ½ and 9 ½ cents on Friday, while December contracts lost 10 ½ cents over the week. Kansas City HRW wheat futures dropped 3 to 9 cents, with December contracts down 15 ¼ cents from the previous week. Minneapolis spring wheat also declined, losing 5 ¼ to 9 ¾ cents on Friday, and December contracts fell 18 ¾ cents on the week.
USDA’s Export Sales report revealed that 319,901 metric tons of wheat were sold in the week of October 8, a 29.16% decrease from the prior week and a 47.89% drop from the same week last year. The top buyers were Taiwan (105,800 MT), Sri Lanka (68,100 MT), and Mexico (52,300 MT).
Weekly CFTC data showed that managed money added 3,495 contracts to the net short position in Chicago wheat futures and options, bringing the total to 33,038 contracts. In Kansas City wheat, speculators reduced their net long position by 6,649 contracts, bringing it down to 17,391 contracts.
FranceAgriMer reported that 15% of France’s wheat crop had been planted by October 12. Closing prices for various wheat contracts included Dec 26 CBOT Wheat at $6.60 ½, down 9 ½ cents, and Mar 27 CBOT Wheat at $6.75, down 9 ¼ cents.