Wheats Off Lows but still Red into Tuesday

Wheat prices are trading up off their initial pressure, but are still down by a nickel to 8 cents so far this morning. 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. 

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. 

Jul 23 CBOT Wheat  closed at $6.88, up 26 1/2 cents, currently down 8 cents

Sep 23 CBOT Wheat  closed at $7.01 1/2, up 28 3/4 cents, currently down 8 1/2 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, currently down 7 1/2 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, currently down 6 cents