The wheat complex is trading lower this morning, by 5 to 13 cents. KC HRW is the weakest following welcome snow fall across a portion of the Plains growing area. Good rain coverage is also expected over the next week. SRW wheat closed the with 4 3/4 to 10 cent gains on Friday. KC HRW gained 7 to 9 1/2 cents. 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 49,728 contracts net long on 10/20. The 11,138 contract increase to the net long came via a 12,818 contract increase for managed money’s OI. Managed money’s HRW open interest decreased by 4,335 contracts. The HRW short covering increased the net long to 38,146 contracts. Spec traders had flipped to 4,492 contracts net long for HRS on 10/20. That ended the longest lasting spec trader net short for spring wheat on record (110 consecutive weeks (using Tuesday data)). Egypt’s GASC purchased 165k MT of Russian wheat. US winter wheat condition ratings are expected to be <48% good/excellent in tonight’s USDA weekly update. Dryness and germination issues are the theme.
--- provided by Brugler Marketing & Management