Mumbai, 19 Feb (Commoditiescontrol): Over the past several weeks the grains continued to slide lower and that has been the trend witnessed across agriculture sector. The wheat market was in full on collapse mode across all three exchanges last week.
Kansas City slipped back lower with a 34 ¼ cent loss or -5.69% move. Chicago extended the selling streak with a drop of 36 ¼ cents (6.07%). Minneapolis spring wheat was down 29 ½ cents since last Friday. Weekly Export Sales slipped slightly from the previous week to 349,300 MT. That took export commitments to 90% of the USDA full year export projection, now 2% above the 5-year average pace and 6% larger than the same point last year.
Actual shipments are running a little slower, with 58% of the USDA forecast fulfilled compared to the 63% average. Friday’s Commitment of Traders report showed spec traders in CBOT wheat futures and options cutting 11,066 contracts from their net short position as of Feb 13. They took that net short to 55,672 contracts, the smallest it has been since August. In KC wheat, they added back 3,011 contracts to their net short, at 36,408 contracts as of Tuesday.
(By Commoditiescontrol Bureau: 09820130172)
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