Commodities
Home›Commodities›Agriculture›Wheat rises early Tuesday amid limited progress on pea…
Wheat rises early Tuesday amid limited progress on peace talks
Wheat prices are up 5 to 16 cents across three markets, with traders also citing a cancelled Saudi tender for 535,000 MT and lower open interest after the long weekend.
Wheat prices showed gains in early Tuesday trading after the Labor Day holiday, with the complex up roughly 5 to 16 cents across three key markets. Still, the article notes the three exchanges faced pressure during the period, following recent declines including Chicago SRW weakness on Friday and December sliding last week.
By contract, Chicago SRW was down 20 to 21 1/2 cents on Friday, and December had dropped 50 cents last week, while Friday open interest fell by 2,161 contracts. Kansas City HRW closed 11 3/4 to 15 cents lower, with December down 42 cents from the prior Friday, and open interest declined by 4,105 contracts, pointing to some profit taking.
The managed money positioning in CBT wheat futures and options flipped back to a net long of 14,654 contracts for the week of September 1, a swing of 28,825 contracts, according to Commitment of Traders data cited in the article. The report also says spec funds added to their KC wheat net long by 6,222 contracts to 50,284 contracts.
On the supply and demand front, a Saudi Arabia tender for 535,000 MT was cancelled after bids were submitted but deemed unsuitable, while South Korean importers tendered for 100,000 MT of wheat from the US and Canada. The article links market sentiment to a weekend US envoy visit to Russia and Ukraine, which produced little immediate progress as fighting continued.
Latest closeWheat $728.75 ▼0.2%