Hard Red Wheat Jul '24 (KEN24)
Hard Red Wheat Futures Market News and Commentary
The wheat complex was in rally mode on Friday, closing with double digit strength across the three exchanges. Chicago SRW contracts was 15 ¼ to 20 ¾ cents in the green on the day, with nearby September up 40 ½ cents on the week. KC HRW futures were up 17 ¾ to 22 cents at the close, with September rallying 37 3/4 cents this week. MPLS spring wheat was 11 ½ to 14 ¼ cents higher on the session, with September up 33 ¾ cents from last week’s close.
Wheat gained steam on Friday after reports that Russia is restricted export flows through Don-Azov channel. The Sea of Azov accounts for nearly a quarter of Russia’s wheat shipments exit the region.
Weekly Commitment of Traders data indicated managed money in CBT wheat futures and options backing off their net short by 6,705 contracts in the week ending on July 7, taking it to 62,325 contracts. In KC wheat, they added another 4,845 contracts to their net long, now at 11,764 contracts.
Crop Production data was updated this mo... Read more
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