On Friday, front month wheat futures closed double digits in the black. CBT SRW wheat futures closed 14 1/4 to 18 3/4 cents higher, which for Dec added to a 33 cent move for the week. KC HRW futures were 15 1/2 to 16 3/4 cents higher at the close. KC wheat futures were the strongest gainer on the week, rallying 7% from Friday to Friday. MGE HRS wheat was 3.57% higher on the week, helped by 9 3/4 to 10 cent Friday gains. The CoT report showed managed money was 15,112 contracts net long in CBT wheat. Long liquidation with new selling reduced the net long 35% on the week (through Tuesday). In KC HRW, spec traders were 10,192 contracts net long. That was a 1,269 contract increase wk/wk. Managed money open interest increased 845 contracts in MGE wheat reducing the net short to 3,008 contracts. That is the closest they have been to being bullish since 2018.
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Dec 20 CBOT Wheat closed at $5.75, up 18 3/4 cents, |
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Dec 20 KCBT Wheat closed at $5.04 1/4, up 16 3/4 cents, |
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Dec 20 MGEX Wheat closed at $5.51 1/4, up 9 3/4 cents, |
--- provided by Brugler Marketing & Management
