Wheat Futures Faded into the Weekend

The wheat markets ended with some double digit losses on Friday. CBT SRW prices were down 12 to 13 1/2 cents, though July was still at a net 45 cent gain for the week. KC futures closed 11 1/2 to 15 1/4 cents in the red. July HRW prices were still at a 17 cent gain for the week. Spring wheat futures settled 1 1/4 to 5 1/2 cents weaker on the day, with an 11 1/4 cent gain for the July contract for the week.

The weekly CFTC data release showed spec short covering in SRW wheat for the week that ended 6/20. The group closed 31k shorts and held an 84,134 contract net short as of Tuesday’s settle. The report had managed money funds with a 5,944 contract net long on 6/20 after a week of short covering. Minneapolis spec traders were 4,160 contracts less net short to 3,262 contracts. 

USDA reported weekly wheat Export Sales were 123,853 MTs. That includes 14.2k MT sold for 24/25 delivery to Peru and Ecuador. With 3 week’s of reporting the wheat commitments trail last year’s pace by 23% with 4.06 MMT on the books. 

Ahead of the StatsCan acreage survey results on Wednesday, traders are looking for between 25.6m acres and 27m acres of 23/24 wheat. The average estimate is to see 26.5m acres compared to the 25.2m planted last season. Of that, durum is estimated at 5.9m acres. StatsCan will release the results on 6/28. 

Jul 23 CBOT Wheat  closed at $7.33 1/4, down 5 3/4 cents,

Sep 23 CBOT Wheat  closed at $7.46 1/2, down 6 1/4 cents,

Cash SRW Wheat  was $6.87 1/1, down 5 7/8 cents,

Jul 23 KCBT Wheat  closed at $8.59, down 12 cents,

Cash HRW Wheat  was $8.16 1/8, down 12 1/8 cents,

Jul 23 MGEX Wheat  closed at $8.64 3/4, down 15 1/4 cents,