The wheat market rallied off session lows, which had Sep SRW back below the $7 mark, but still went into the weekend red. The SRW contracts settled with 4 1/4 to 8 1/2 cent losses on Friday leaving September at a 6 3/4 cent gain for the week. KC HRW futures were down by 5 3/4 to 10 cents on the day. Dec HRW completed the week with a net 2c gain, while Sep was down 4 cents Friday to Friday. Spring wheat futures ended Friday with 5 1/4 to 8 1/4 cent losses. That left Sep HRS at a net 9c loss for the week.
CFTC reported short covering in CBT SRW managed money funds during the week that ended 7/28. That lifted their net short to a 38 week low of 40,332 contracts. In KC wheat, the spec traders were shown as net new buyers and extended their net long 10.5k contracts to 23,145. The CoT report had managed money funds at an 8,966 contract net long for HRS, up by 2,379 contracts for the week via short covering.
Ukraine’s Ag Ministry reported 11 MMT of grain had been harvested for 23/24, including 8.06 MMT of wheat.
USDA’s Ag Attachè estimated Turkey’s wheat production at 18.5 MMT. The European Commission lowered their outlook for EU wheat production by 2.5 MMT to 126.4 MMT.
Sep 23 CBOT Wheat closed at $7.04 1/4, down 8 1/2 cents,
Dec 23 CBOT Wheat closed at $7.28, down 7 1/2 cents,
Cash SRW Wheat was $6.37 1/4, down 8 3/4 cents,
Sep 23 KCBT Wheat closed at $8.56 1/4, down 10 1/4 cents,
Cash HRW Wheat was $7.98 3/8, down 11 1/2 cents,
Sep 23 MGEX Wheat closed at $8.96, down 8 1/4 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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