The wheat complex closed with losses across the board on Friday. Chicago SRW futures were down 3 1/4 to 4 3/4 cents across the board on the day, with December still up 7 ¾ cents on the week. KC HRW contracts posted 1 ¼ to 2 ½ cent losses across most contracts on Friday, with December 14 ¼ cents higher on the week. MPLS spring wheat was down fractionally to 2 1/4 cents on the Friday session, with Dec up 13 ¾ cents for the week. December wheat options expired today, with first notice day next Friday. The US dollar index is extended its strength to 2-year highs to add some pressure.

CFTC’s Commitment of Traders report tallied managed money in Chicago wheat at a net short 51,546 contracts, an increase of 6,239 contracts on the week. In KC, the were net shoer 29,375 contracts, a 4,277 jump since the previous Tuesday. For MGE spring wheat, they were near a record net short, at 30,002 contracts, an additional 7,578 contracts from the week prior. 

Export Sales data released on Thursday tallied marketing year wheat and product shipments at a 32% increase yr/yr at 10.078 MMT. That is 44% of USDA’s projected total for the MY, lagging the 47% average pace. Total commitments are now 14.939 MMT, which is 23% above a year ago, and 67% of the USDA number, slightly behind the 69% average pace.

The French soft wheat crop is listed at 90% planted, up from the 78% in the week prior and 73% from the same week last year. The crop was listed at 88% in good or excellent condition, up from the 83% last year. 

Dec 24 CBOT Wheat  closed at $5.44 1/4, down 4 1/2 cents,

Mar 25 CBOT Wheat  closed at $5.64 3/4, down 4 3/4 cents,

Dec 24 KCBT Wheat  closed at $5.54 1/4, down 1 1/4 cents,

Mar 25 KCBT Wheat  closed at $5.65 1/2, down 1 3/4 cents,

Dec 24 MGEX Wheat  closed at $5.86, down 2 cents,

Mar 25 MGEX Wheat  closed at $6.01 1/2, down 3/4 cent,