Wheat futures are trading about a dime off their highs, but are still double digits stronger adding to the double digit rally on Friday. For SRW the board settled 18 3/4 to 21 3/4 cents higher on gains of as much as 3.4%. Preliminary open interest rose 2,280 contracts on the day. Sep SRW was up a net 12 cents for the week, starting this week at a 20c premium to the now expired July contract. HRW futures were 2.8% higher with 22 to 23 cent gains. September closed at a 19 3/4 cent premium to the expired July contract. Spring wheat futures were 20 to 22 1/2 cents higher on the day, leaving Sep with a weekly gain of 36 1/2 cents.Â
CFTC’s weekly data showed SRW wheat spec traders were closing shorts during the week that ended 7/11. The group was still at a 52,128 contract net short. The CoT report showed managed money was 14,584 contracts net long after short covering in HRW. The funds were net new buyers for spring wheat and extended their net long to 4,233 contracts.Â
No progress was reported on the Grain Corridor deal as of Sunday night. There were no vessels loading grains in any of the three Corridor ports, with a Turkish flagged vessel heading to the Netherlands the last to leave.Â
Harvest reports from Kansas Wheat show recent rains have now delayed the harvest to ~2 weeks behind schedule. Some recent reports of hail are also limiting otherwise good crops, though overall the state continues to report highly variable yields based on individual crop maturity levels during the early June rains.Â
The private French firm Strategie Grains estimated EU wheat output at 126.2 MMT, down by 2.5 MMT from their prior figure and 11.8 MMT below USDA’s new July 12 figure.
Sep 23 CBOT Wheat  closed at $6.61 1/2, up 21 3/4 cents, currently up 19 cents
Dec 23 CBOT Wheat  closed at $6.80 3/4, up 21 1/4 cents, currently up 19 1/2 cents
Cash SRW Wheat  was $6.02 1/4, up 21 1/2 cents,
Sep 23 KCBT Wheat  closed at $8.29, up 23 cents, currently up 15 cents
Cash HRW Wheat  was $7.83 3/8, up 22 5/8 cents,
Sep 23 MGEX Wheat  closed at $8.84 1/4, up 22 1/2 cents, currently up 12 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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