Hard Red Wheat Futures Market News and Commentary
Wheat futures drifted lower into the weekend. CBT SRW contracts closed with 4 1/2 to 6 3/4 cent losses. July ’23 was only a fraction in the red. KC HRW went home 9 to 12 cents lower on Friday. Spring wheat prices closed down by 7 3/4 to 13 cents on the day.
Weekly CFTC data showed the funds were extending their net short in SRW through the week that ended 8/2. Managed money opened 9.2k new shorts through the week and opened 4.7k new longs, for a net 14,970 contract short position as a group. In KC wheat, the CoT report showed managed money firms were 9,992 contracts net long, compared to 11,041 last week. Spring wheat spec traders were closing more longs than shorts through the week of 8/2, and flipped net short for the first time since 10/13 of 2020. Their net short was reported at 652 contracts.
Harvest in Ukraine is underway, with 17.5 MMT of grain reportedly reaped so far - mostly barely and rapeseed. The farmers union expects total grain harvest for the season to... Read more