Wheat futures closed mixed at the three US exchanges on Friday as traders adjusted positions ahead the November crop report from the US Agriculture Department on Monday, traders said. Chicago Board of Trade wheat ended mostly lower after a choppy session; plentiful global supplies and slowing export demand weigh on prices.
CBOT December soft red winter wheat ended down 1-1/2 cents at $5.21 per bushel. Deferreds down 1-3/4 to up 3/4 cent. CBOT traders noted active spread trade on first day of the five-day period when index funds roll positions forward. Kansas City Board of Trade December hard red winter wheat closed up 5 cents at $5.68, and March ended up 4-3/4 cents at $5.84-1/2.
Minneapolis Grain Exchange December spring wheat rose 6-3/4 cents to end at $6.40-3/4 and March climbed 5-1/4 cents to $6.27-1/4. CBOT wheat volume estimated at 80,125 futures and 6,953 options. KCBT wheat volume 14,767 futures. MGE at 2,601, its lowest estimated volume in three months. Trend-following funds narrowed their net short position in CBOT wheat to 28,979 lots, down 9,915, CFTC said on Friday.
Winter storm brings welcome moisture for newly seeded winter wheat in the Dakotas and Nebraska. National Grain and Feed Association asks CBOT to consider concept of "compelled load-out." Egyptian government expected to tender for more wheat either Friday or next week, traders said.
USDA expected to lower US wheat ending stocks in its November report on Monday on decent export sales. Wheat remains the most profitable crop in Europe, despite recent drop in prices; only a marginal drop in area seen for next year. Argentina's wheat crop seen at 12 million tonnes, down 4 million from previous year - USDA attached.
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