Wheat Rallies on Friday

Market Performance - The wheat complex experienced gains across three markets leading into the long weekend, with Chicago SRW futures rising by 7 to 8 cents on Friday, while March futures were up just ¾ cent from the previous week [1] - KC HRW futures saw increases of 9 to 10 cents in the nearby contracts, although March futures were down 3 cents for the week [1] - MPLS spring wheat prices increased by 2 to 3 cents across front months, with March futures down 2 ½ cents this week [1] Commitment of Traders Data - The weekly CFTC update indicated that managed money reduced their net short position in CBT wheat futures and options by 936 contracts, bringing the total to 106,229 contracts as of January 13 [2] - Speculators were net short by 12,781 contracts in KC wheat futures and options, reflecting a reduction of 2,874 contracts from the previous week [2] Export Sales and Commitments - Total wheat commitments reached 20.392 million metric tons (MMT), which is 15% higher than last year and represents 83% of the USDA's export projection, slightly below the 85% average pace [3] - Export shipments totaled 15.465 MMT, accounting for 63% of the USDA estimate and ahead of the 59% average shipping pace [3] - A South Korean importer purchased 92,300 metric tons of US wheat in a recent tender [3] Closing Prices - Closing prices for various wheat futures on March 26 included CBOT Wheat at $5.18 (up 7 ½ cents), KCBT Wheat at $5.27 ¼ (up 10 cents), and MIAX Wheat at $5.65 (up 2 ½ cents) [3]