Mumbai, 11 Mar (Commoditiescontrol): The United States wheat market ended mixed during the week ended Mar 8th. The hard classes were higher, as Kansas City was up 24 ¼ cents (4.3%), with MPLS spring wheat 19 cents in the green (2.95%). Chicago Board of Trade wheat futures held near the lows with a little, pressured by a couple Chinese cancellations, as May was down 20 cents (-3.59%).
The US Depatment of Aagriculture (USDA) reported a couple different export sale cancellations totaling 240,000 MT this week. Export Sales data saw wheat bookings dropping to 271,130 MT for the week that ended on 2/29. That took export commitments to 94% 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 65% of the USDA forecast fulfilled compared to the 73% average. That, mixed with the Chinese cancellation was likely a catalyst for USDA to trim the US export projection by 15 mbu on Friday. They raised the projected carryout by the same amount to 673 mbu.
The weekly Commitment of Traders report showed spec traders in Chicago wheat futures and options taking their net short back down another 9,213 contracts as of 3/5. That left them with a net short position of 65,539 contracts. In KC wheat, managed money trim 1,236 contracts from their net short, at 40,886 contracts as of Tuesday.
(By Commoditiescontrol Bureau: 09820130172)
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