Mumbai, 4 Mar (Commoditiescontrol): The wheat market was in the red during the week ended March 1, mainly on the Friday weakness. Chicago Board of Trade (CBOT) wheat futures lead the fall, down 11 ¼ cents, or 1.98%. Kansas City futures saw a penny loss for the Friday/Friday move. Minneapolis spring wheat was down 3 ½ cents since last Friday for a 0.46% loss.
Pressure continues to come from the other major world exporters, with Black Sea offers still on sale. Export Sales data saw wheat booking bouncing from last week’s 6-week low to 327,300 MT for the week that ended on Feb 22. That took export commitments to 92% of the USDA full year export projection, 2% below the 5-year average pace and 6% larger than the same point last year. Actual shipments are running a little slower, with 63% of the USDA forecast fulfilled compared to the 71% average.
The weekly Commitment of Traders report showed spec traders in Chicago wheat futures and options taking their net short back down 12,194 contracts as of Feb 27. That left them with a net short position of 56,326 contracts. In KC wheat, managed money added another 215 contracts to their net short, at 41,122 contracts as of Tuesday
(By Commoditiescontrol Bureau: 09820130172)
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