Wheat Holds Losses into the Friday Close

Market Performance - The wheat complex experienced losses across all three markets, with CBT soft red wheat futures down 1 to 2 cents, KC HRW futures down 2 to 3 cents, and MPLS spring wheat futures down 3 to 4 ¼ cents [1] - The US dollar index increased by $0.334 to 97.305, adding pressure to commodity prices [1] Weather Forecast - The 7-day forecast predicts 1-3 inches of rain in the eastern portions of the Central Plain, extending to the Appalachian range [2] Trader Positions - The Commitment of Traders report indicated that spec funds in Chicago wheat futures and options reduced their net short position by 6,569 contracts, totaling 85,825 contracts [2] - In Kansas City wheat futures and options, the net short position was trimmed by 1,491 contracts, bringing the total to 51,534 contracts as of September 16 [2] Export Sales - The weekly Export Sales report showed accumulated sales at 13.156 million metric tons (MMT), which is 20% larger than last year and a 5-year high for this week [3] - This figure represents 54% of the USDA wheat export projection and is 1 point ahead of the 5-year average sale pace [3] Closing Prices - Closing prices for various wheat futures on December 25 and March 26 showed declines, with CBOT Wheat at $5.22 1/2 down 1 3/4 cents, KCBT Wheat at $5.07 1/4 down 2 3/4 cents, and MGEX Wheat at $5.68 1/2 down 4 1/4 cents [3]