Wheat Mini Futures Market News and Commentary
Wheat futures ended the session in the red. CBT SRW futures were 4 1/4 to 8 1/4 cents in the red. KC HRW futures closed the session 4 1/2 cents in the red, with Sept ending the week 12 cents below the start. MGE spring wheat prices were 19 to 20 1/2 cents lower. Sept HRS closed 5% below the Monday open and 61 cents off the LOC high printed Monday.
The weekly Commitment of Traders report had CBT spec traders at 3,770 contracts net short as of 7/20. That was a 84% reduction to their net short seen by short covering. In KC wheat, the CFTC reported funds were 27,745 contracts net long. That was a 6,078 contract stronger net long seen by a week of spec trader short covering. CoT data for spring wheat showed new spec sellers reducing the groups net long by 122 contracts to 8,860.
USDA reported that the spring wheat area in a drought has increased to 99%. The 7-day QPF from NOAA shows complete dryness for the PNW. The Dakotas are expected to get less than an inch over the com... Read more