Wheat Starting off Monday with Gains

Wheat is trading with 6 to 8 cent gains on Monday morning. The wheat complex saw weakness across the three exchanges heading into the weekend. Chicago SRW were 6 to 13 cents lower across the board, as December was 11 cents lower from last Friday. KC HRW futures was down 2 ¼ to 10 ¾ cents on the session, with December 14 ¾ cents lower over the course of the week. MPLS spring wheat was 4 ¼ to 11 ¼ cents in the red with December down just 3 ¾ cents for the week.

Money was coming off the table on Friday, in a risk off approach, but coming back in this morning as Ukraine renewed attacks on Russian energy infrastructure. Exports out of the Black Sea are still limited from Russian and Ukraine despite recent calls for deescalation.

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Spec funds in Chicago wheat futures and options were flipping back to a net short as of September 15, a move of 8,968 contracts to a net short of 4,706 contracts. Managed money in KC wheat was trimming 5,490 contracts from their net long to 45,758 contracts.

Dec 26 CBOT Wheat closed at $7.14 1/4, down 12 3/4 cents, currently up 7 3/4 cents

Mar 27 CBOT Wheat closed at $7.30, down 13 cents, currently up 7 3/4 cents

Dec 26 KCBT Wheat closed at $7.83 3/4, down 10 3/4 cents, currently up 8 1/2 cents

Mar 27 KCBT Wheat closed at $7.97 1/4, down 9 3/4 cents, currently up 7 3/4 cents

Dec 26 MIAX Wheat closed at $7.41 1/4, down 11 1/4 cents, currently up 7 cents

Mar 27 MIAX Wheat closed at $7.62 3/4, down 9 3/4 cents, currently up 7 3/4 cents