Wheat Futures Market News and Commentary
Wheats fell double digits for the third session in a row, after the July contracts printed new highs on Tuesday. Chicago wheat closed 26 1/4 to 31 3/4 cents lower on the day, with July ending the session 8 3/4 cents under last Friday’s settle. KC wheat markets were 38 1/4 to 42 1/2 cents weaker on the day, with July closing 29 1/4 cents lower Friday to Friday. MPLS wheat prices were down by 44 1/4 to 51 1/2 cents on the day.
CFTC data showed funds’ activity in CBT wheat was mostly adding new longs through the week that ended 5/17. That expanded their net long by 11k contracts to 26,586 contracts. In KC wheat, the spec funds were 3,877 contracts more net long to 46,790. Activity through the week was a little more short covering than net new buying. For Minneapolis wheat, managed money traders were reported 18,175 contracts net long, an 82 contract reduction on lighter OI wk/wk.
Planalytics estimates the US winter wheat yield at 48.7 bpa, from their initial 48.8 bpa esti... Read more