Wheat Futures Market News and Commentary
Winter wheat futures faded during the afternoon session to close firm on Friday. CBT prices ended the session mostly lower but within 1 1/2 cents of UNCH. KC HRW wheat also closed mostly lower within 1 1/4 cents of UNCH. Spring wheat futures stayed red and closed down by 6 3/4 to 13 3/4 cents.
CFTC data as of 7/27 showed SRW wheat specs had flipped back to net long after a week of short covering. The group was 3,067 contracts net long on 136,819 contracts of OI (itself 26% of the total SRW OI). In KC wheat, managed money extended their net long by 4,020 contracts to an 11 week high of 31,765 contracts. Spring wheat spec traders were 534 contracts less net long as of 7/27. The groups short covering left them 8,326 contracts net long.
The International Grains Council revised their wheat output for the global 21/22 crop by 1 MMT lower to 788 MMT. Total grain production and use were both expected to be records in 21/22 with feed contributing the largest to total grain use.... Read more