Ahead of the extended holiday, wheat futures closed with another 4% gain day. SRW prices were up 27 1/4 to 29 cents on Friday, for a weekly gain of 57 3/4 cents for July. KC HRW futures closed 29 to 31 cents higher on the day, with a 44 1/4 cent gain for the week. Spring wheat prices were 18 1/4 to 23 cents higher at the close. Sep MPL prices rallied 44 cents on the week. The market will have a 3-day break in recognition for Juneteenth. Option expiration takes place on July 23 – next Friday.Â
CFTC reported managed money funds were 6k contracts less net short at 113k for Chicago wheat on 6/13. The KC wheat spec traders were shown at a 3,616 contract net long for 6/13, which was a 3.5k contract weaker net long after long liquidation. The managed money funds were shown with short covering through the week in Minneapolis wheat, which left their net short at 7.4k contracts.Â
A U.N. spokesperson noted that the average daily vessel inspection rate has fallen to 1 1/2 ships/day during the first half of June. For reference, the Joint Coordination Centre was inspecting nearly 11 vessels per day in October.Â
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Jul 23 CBOT Wheat  closed at $6.88, up 26 1/2 cents,
Sep 23 CBOT Wheat  closed at $7.01 1/2, up 28 3/4 cents,
Cash SRW Wheat  was $6.42 7/8, up 26 1/8 cents,
Jul 23 KCBT Wheat  closed at $8.42, up 29 1/4 cents,
Cash HRW Wheat  was $7.99 3/8, up 28 7/8 cents,
Jul 23 MGEX Wheat  closed at $8.53 1/2, up 20 3/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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