Wheat Mini Jul '23 (XWN23)
Wheat Mini Futures Market News and Commentary
The wheat complex led the grain rally on Friday, following more Black Sea news. Chicago SRW contracts were up 11 3/4 to 22 cents on Friday, with a weekly gain of 35 cents. KC HRW futures led the wheat rally, with contracts up 15 to 33 cents on Friday, as September was 40 ¼ cents higher on the week. MPLS spring wheat closed the session with contracts 9 to 10 ¾ cents higher, as September was 1 ¼ cents lower this week.
Russia rejected the Ukrainian proposal for a ceasefire in the Black Sea region on civilian vessels and port infrastructure. Recent increases in strikes on export infrastructure has led to limited shipments out of key ports in the Black Sea in a period where wheat shipments typically ramp up after harvest for one of the world’s key wheat exporting regions.
CFTC’s weekly Commitment of Traders report showed managed money adding back another 7,615 contracts to their CBT wheat net short position in the week of 8/11 to a net short of 31,401 contracts. In KC wheat... Read more
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