Wheat is trading 5 to 8 cents higher to start the new week. On Friday, CBT wheat futures closed with old crop gains limited to 1 1/2 cents, and new crop losses of as much as 2 1/4 cents. KC wheat closed the last trade day of the week 1 1/2 to 2 1/2 cents higher. Spring wheat futures were 1 1/4 to 2 1/4 cents in the red at the close. The weekly CFTC data release showed managed money had trimmed their net long by 18,219 contracts to 14,414 on 11/17, by the way of long liquidation. For KC wheat, managed money’s closing positions were a near wash, as the net long grew just 638 contracts to 47,697 on a 4,712 contract lighter spec OI. Spring wheat spec traders were 6,061 contracts net long as of 11/17.
--- provided by Brugler Marketing & Management
