Wheat May '24 (ZWK24)
Wheat Futures Market News and Commentary
Wheat is showing mixed action with soft wheat weaker and hard red contracts higher. The wheat complex saw continued weakness on Friday, though a few contracts did end higher. Chicago SRW futures were 1 ¾ to 6 cents in the red on the day, as July fell 30 ½ cents on the week. Preliminary open interest was down 10,507 contracts, mainly in July. KC HRW futures saw a ½ cent gain in July on Friday, as the rest of the board was ½ to 6 cents lower, with July down 29 cents this week. Open interest was down 11,168 contracts. MPLS spring wheat was down 1 ½ to 3 cents higher in most contracts, as July fell 44 ¼ cents since last Friday. Crude oil losses of $2.79 added some modest pressure.
Weekly Commitment of Traders data from CFTC showed managed money in Chicago wheat futures and options with the largest Tuesday/Tuesday bear move on record (back to 2006), adding 39,165 contracts to their net short at 57,871 contracts by June 2. In Kansas City wheat futures and options, specs trimmed thei... Read more
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