Wheat Sep '22 (ZWU22)
Wheat Futures Market News and Commentary
Going into the Independence Day holiday weekend, the wheat market fell by about 4%. Chicago futures ended the day with 32 1/2 to 38 cent losses. KC wheats closed down by 35 3/4 to 39 1/4 cents in the front months. Spring wheat futures gave back 39 1/4 to 41 1/4 cents on the day.
Weekly CFTC data had the managed money firms 1,020 contracts net long in CBT wheat as of 6/28. That was down 2.9k wk/wk as the long liquidation offset the short covering. Commercial OI was down 42.8k contracts (22.4%) on the week. The Commitment of Traders report showed managed money funds liquidated 6.8k longs in KC wheat for a 51-wk low net long o f24,856 contracts. Spec funds were 8,086 contracts net long in spring wheat futures and options.
A government owned grain toting cargo vessel has sailed from the Russian controlled Ukrainian port of Berdyansk, after sea mines were allegedly removed from the route.
Jul 22 CBOT Wheat closed at $8.31 1/4, down 37 1/2 cents,
Cash SRW Wheat... Read more
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