The wheat complex rounded out the week with losses across much of the market, with nearby spring wheat an exception. CBT soft red wheat futures were down 2 to 3 cents, as September was 1 ¾ cents lower this week. KC HRW futures were down 4 to 5 ¼ cents across most contracts on the day, as September slipped another 9 cents from last Friday. MPLS spring wheat closed out the Friday session with contracts steady to a penny higher, as September was down ½ cent on the week.
Weekly CFTC data showed spec traders in Chicago wheat increasing their bearish position by 8,837 contracts to a net short of 98,132 contracts by Tuesday. In KC wheat, managed money added 825 contracts to their net short to 51,380 contracts as of August 19.
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USDA’s Export Sales total from Thursday shows the total wheat commitments at 11.566 MMT, which is the largest for the current week going back to 2013/14. That is also 49% of the USDA export projection, which would normally be near 45%.
Sep 25 CBOT Wheat closed at $5.04 3/4, down 2 1/4 cents,
Dec 25 CBOT Wheat closed at $5.27 1/4, down 2 1/2 cents,
Sep 25 KCBT Wheat closed at $4.98, down 5 1/4 cents,
Dec 25 KCBT Wheat closed at $5.21, down 5 cents,
Sep 25 MGEX Wheat closed at $5.70 1/4, up 1 cent,
Dec 25 MGEX Wheat closed at $5.91 3/4, up 3/4 cent,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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