The wheat complex posted losses across the three exchanges on Friday. Chicago SRW futures saw fractional to 2 ½ cent losses on the day, as December closed out the week down a penny. KC HRW contracts were 1 to 2 ¾ cents lower across the board, with December slipping 5 ¼ cents. MPLS spring wheat led the way lower on Friday, with losses 4 ½ to 7 cents, as December was 5 ½ cents in the red for the week. 

Wide spread heavy precip totals are expected in the next week from Texas to the Great Lakes of 1 to up to 7 inches expected and heavier total in the south.

Friday afternoon’s CFTC Commitment of Traders report tallied spec funds in Chicago wheat at a net short of 31,172 contracts by October 29. That was a 2,257 contract increase on the week. In KC wheat, they were adding 3,513 contracts to their net short at 9,160 contracts as of Tuesday. 

The weekly Export Sales report has total commitments through October 24 at 13.614 MMT for wheat and products, which is a 4-year high and 19% larger yr/yr. In terms of meeting the USDA projected export forecast, commitments are 61% of the number, slightly behind the 64% average pace.

Dec 24 CBOT Wheat  closed at $5.68, down 2 1/2 cents,

Mar 25 CBOT Wheat  closed at $5.87 3/4, down 2 1/2 cents,

Dec 24 KCBT Wheat  closed at $5.66 3/4, down 2 1/2 cents,

Mar 25 KCBT Wheat  closed at $5.80 1/4, down 2 3/4 cents,

Dec 24 MGEX Wheat  closed at $5.99 3/4, down 4 1/2 cents,

Mar 25 MGEX Wheat  closed at $6.23 1/4, down 5 cents,