Friday Wheat Firm to Higher

The wheat market posted gains of as much as 2 3/4 cents in the front month, with front month KC wheat showing no change on the day. Chicago wheat futures were 8 cents higher wk/wk. KC wheat futures were higher by 12 cents over last week. MPLS wheat gained 12 cents wk/wk. In the weekly update from the CFTC, managed money in the Chicago futures was net long 11,603 contracts following a week over week reduction of 8,964 contracts. As for KC wheat futures managed money was net short by 24,159 contracts. that was a weekly strengthening to their position on net of 9,907 contracts. the last time spec traders were net long KC wheat was December 24th of last year. The weekly commitment of traders reports also showed managed money was net short 23,231 contracts for MGE HRS wheat futures. Dating back to June of ’06, managed money spec funds have never held a larger bearish position.

Mar 20 CBOT Wheat closed at $5.32 1/2, up 2 1/4 cents,

Mar 20 KCBT Wheat closed at $4.42 3/4, unch,

Mar 20 MGEX Wheat closed at $5.25 3/4, up 2 3/4 cents,

--- provided by Brugler Marketing & Management

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