Wheat futures began the week with slight fluctuations, staying within two cents of unchanged levels, according to an April 28 report. The wheat market saw lower prices in winter wheat contracts on Friday, while spring wheat maintained some gains. Chicago Soft Red Winter (SRW) futures ended steady to three and a half cents lower for the day, but May contracts increased by 17 cents over the previous week. Open interest in SRW fell by nearly 7,000 contracts.
Kansas City Hard Red Winter (HRW) futures declined between five and a quarter to ten cents during the session; however, May HRW still gained more than 22 cents for the week. Open interest data indicated modest long liquidation in HRW, dropping by over 10,000 contracts. Minneapolis Spring Wheat closed higher by one and a half to four and a half cents on Friday with weekly gains approaching 23 cents. Forecasts from NOAA’s seven-day Quantitative Precipitation Forecast shifted expected rainfall into parts of western Kansas as well as Oklahoma and Texas.
In managed money positions for CBOT wheat futures and options during the week of April 21, traders added more than 3,400 contracts back to their net short position, bringing it to just under 11,000 contracts net short. In Kansas City wheat markets, managed money increased its net long position by over 11,000 contracts as of Tuesday.
Weekly export sales released Thursday showed total export commitments at approximately 24.67 million metric tons—15 percent above last year’s level at this time—reaching about one percent above the United States Department of Agriculture’s annual projection and close to the five-year average benchmark.
Saudi Arabia purchased nearly one million metric tons of wheat in a recent tender completed overnight.
As reported at closing: May CBOT Wheat finished at $6.08¼ per bushel (down two and a half cents), July CBOT Wheat at $6.16¾ (down three and a half), May KCBT Wheat at $6.59 (down seven and three-quarters), July KCBT Wheat at $6.69¾ (down nine and a half), May MIAX Wheat at $6.76 (up one and a half), July MIAX Wheat at $6.93¼ (up one and three-quarters).
Legacy Farmers Cooperative supports community initiatives including local youth programs such as 4-H clubs, Future Farmers of America activities, county fairs, and scholarships according to the official website. The cooperative maintains several facilities throughout northwest Ohio including grain centers, agronomy sites offering crop services or inputs for farmers’ needs; fuel stations; as well as retail locations according to the official website. Legacy Farmers Cooperative is organized as a member-owned entity according to the official website with more than 150 employees working across its divisions according to the official website. It aims not only to meet but exceed customer expectations while delivering value along with financial returns for members according to the official website, serving agricultural producers across ten counties in northwest Ohio according to the official website.
