Spring Wheat Futures Market News and Commentary
The midday wheat recovery faded back in the afternoon, leaving the board mixed at the close. MGE wheat held onto gains, though were just fractionally to 2 cents higher. CBT futures closed the day fractionally to 1 1/4 cents in the red. KC wheat closed with 5 3/4 to 6 3/4 cent losses.
CFTC data showed managed money’s new selling expanded their net short 7,022 contracts to 8,396 as of 6/15. Managed money funds were also net sellers in KC wheat, reducing their net long 2,226 contracts to 17,487. In spring wheat, the Commitment of Traders report showed funds expanded their net long by 1,708 contracts to 15,298 through the week that ended 6/15.
The weekly Crop Progress reported showed harvest had progressed 13% points to 17% complete. The 5-yr average is to be 26% complete by 6/20. Kansas wheat harvest was reported 13% complete as it progressed as far north as Baron and Marion Counties. Yields were being reported at average to above average, with very low moisture levels al... Read more