Wheat On the Positive Side of Unchanged to Kick Off Monday

Market Overview - Wheat is experiencing slight gains, with spring wheat showing some weakness. The wheat complex had gains on Friday, supported by a favorable USDA report. CBT soft red wheat futures increased by 2 to 3 cents, with December futures up 4 ¼ cents last week. HRW futures rose by 4 to 5 cents, with December up 9 ½ cents since the previous Friday. Preliminary open interest (OI) saw an increase of 2,992 contracts [1][2]. Commitment of Traders Report - The Commitment of Traders report indicated that speculators in Chicago wheat futures and options added 10,451 contracts to their net short position, bringing it to 92,394 contracts as of September 9. In Kansas City, speculators reduced their net short position by 1,656 contracts to 53,025 contracts [2]. USDA WASDE Report - The USDA's monthly WASDE report showed no changes to the demand side of the balance sheet, although exports were raised by 25 million bushels to 900 million bushels, resulting in a decrease in stocks to 844 million bushels. The US cash average price was reduced by 20 cents to $5.10 [3]. Global Wheat Stocks - The world balance sheet saw an increase of 3.98 million metric tons (MMT) in stocks, totaling 264.06 MMT. Contributing factors included increased production in Russia (up 1.5 MMT), the EU (up 1.85 MMT), Canada and Ukraine (each up 1 MMT), and Australia, which saw the largest increase of 3.5 MMT [4]. Closing Prices - On September 25, CBOT Wheat closed at $5.03, up 8 cents; December CBOT Wheat closed at $5.23 ½, up 2 cents. KCBT Wheat closed at $4.87, up 1 ¼ cents; December KCBT Wheat closed at $5.14 ¾, up 4 ¾ cents. MGEX Wheat closed at $5.50 ¼, up 2 cents; December MGEX Wheat closed at $5.72 ¾, up ¼ cent [4].