Wheat Futures Surge 14 to 21 Cents Higher on Drought Concerns
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 ZWK24 - Wheat
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Wheat markets are sharply higher this morning, up 14 to 21 cents per bushel. MGE spring wheat is up the most, but the attention is focusing on expanded dryness in HRW country. Wheats closed mixed going into the weekend, with gains for winter wheat and losses for spring. MGE HRS futures closed 3 to 6 1/2 cents in the red on Friday, with gains of as much as 7 cents in the new crop September. SRW closed with 3 to 4 cent gains. KC wheat added 6 1/2 to 8 1/4 cents to the upside in the front month futures.

Managed money funds were reported at 15,930 contracts net long in SRW as of 11/16. That was up by 11,930 contracts wk/wk mostly on net new buying interest. In KC wheat, managed money firms were reported closing shorts during the week ending 11/16, which extended their net long 3,178 contracts to 60,560. Spring wheat spec traders were 14,963 contracts net long, which was down 1,533 wk/wk on long liquidation. 

France’s AgriMer reported 2022/23 wheat planting had reached 93% complete as of 11/15. That was up 6ppts through the week and is just 1% point behind their average pace. FranceAgriMer reported conditions at 99% good or very good, compared to 95% at the same point last season. 

Trade ideas for US winter wheat crop conditions are UNCH vs. last week. 

Dec 21 CBOT Wheat  closed at $8.23, up 3 cents, up 14 this morning

Cash SRW Wheat  was $7.74 3/8 on Friday, up 2 7/8 cents,

Dec 21 KCBT Wheat  closed at $8.34 3/4, up 7 1/2 cents, up 19 this morning

Cash HRW Wheat  was $8.13 3/8 on Friday, up 7 7/8 cents,

Dec 21 MGEX Wheat  closed at $10.10 1/4, down 6 1/2 cents, up 21 this morning




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