Config.
Marché
Rapport
Unité

COT Hard Red Spring Wheat (HRS, MIAX)

Période
Échelle

As-of mardi · close vendredi · source CFTC

Long vs Short

Long et short en % d’OI (catégorie focus)

Δ 4 semaines

Variation du net vs le rapport d’il y a 4 semaines

Cette semaine

Catégorie Long Short Spreading Net Δ Long Δ Short Δ Net % OI long % OI short

Historique

Grains · MIAX Futures (ex-MGEX)

What is Minneapolis Hard Red Spring wheat?

Minneapolis spring wheat

Satellite of Soft Red Winter Wheat (SRW, CBOT)

A long means…

Exposure to a rise in Minneapolis Hard Red Spring, high protein — not Soft Red Winter and not Hard Red Winter.

What is this?

Hard Red Spring is high-protein milling wheat from the northern Plains: North Dakota, Montana, Minnesota, South Dakota — about 25% of the US crop. Flour for bagels, quality breads and pizza, and a booster for weaker blends. The Minneapolis future — MIAX Futures, formerly the Minneapolis Grain Exchange — delivers No. 2 Dark Northern or Northern Spring at 13.5% protein at par, the highest protein floor of the three US wheat contracts. It is neither Chicago Soft Red Winter nor Kansas Hard Red Winter.

Elevators and millers hedge the premium grain; exporters hedge spring wheat leaving via the Pacific and the Great Lakes.

Pitfalls

  • MIAX / MGEX, not CBOT ZW.
  • HRS ≠ HRW.
  • A competing CBOT HRS may exist: do not merge without the code.

Univers LIX

Le positionnement n’est pas le risque

Le COT décrit qui est positionné. Le LIX décrit le niveau de risque de marché — 12 indicateurs, hors COT.