Wheat Gains on Friday Trading

Front month wheat futures were higher on Friday. CBT wheat closed the last trading day of the week with 4 3/4 to 10 cent gains. KC HRW gained 7 to 9 1/2 cents. The winter wheats were up 1.2 and 2% on the week respectively. MGE HRS futures closed the Friday session up 2 1/2 4 1/4 cents. December HRS futures gained 17 3/4 cents from Friday to Friday. CFTC’s weekly data release showed CBT wheat spec traders were 11,138 contracts more net long on 10/20 to 49,728. Managed money’s OI was up 12,818 contracts. Managed money’s HRW OI decreased by 4,335 contracts as the net long strengthened to 38,146 contracts. For spring wheat futures, managed money’s longest lasting reported net short has ceased. Spec traders flipped to 4,492 contracts net long as of the Tuesday data from CFTC. South Korea purchased 65,000 MT of U.S. feed wheat. Taiwan purchased 88,635 MT of U.S. wheat in an international tender. Egypt’s GASC purchased 165k MT of Russian wheat.

Dec 20 CBOT Wheat closed at $6.32 3/4, up 10 cents,

Dec 20 KCBT Wheat closed at $5.69 3/4, up 9 1/2 cents,

Dec 20 MGEX Wheat closed at $5.77 1/2, up 3 cents,

--- provided by Brugler Marketing & Management

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