Mixed Close for Friday Wheat Market

The front month wheat futures were well off their highs at the close on Friday, after fading back from the initial Black Sea related gains. Chicago prices were 20 cents off their highs going home on the day, but held on to 2 1/4 to 6 cent gains for the close. KC HRW futures ended the session 9 to 15 cents lower. The Sep HRW contract saw a 33 cent range on Friday and closed at the low for the day completing the week at a net $1.03 3/4 loss. Minneapolis futures were also red at the close by 2 3/4 to 11 1/4 cents as Sep ended 73 3/4 cents weaker for the week.  

The weekly CFTC data showed managed money added 13.6k new shorts for SRW through the week that ended 8/1. That left their net short at 50,428 contracts. In HRW, the group was 5,912 contracts less net long to 17,233 contracts. The report had spring wheat spec traders at a 7,592 contract net long as of 8/1 – 1,374 contracts weaker for the week. 

Wheat prices spiked overnight after a Russian naval vessel was attacked near the major Russian export port of Novorossiysk, resulting in a temporary halt to some export operations. 

Sep 23 CBOT Wheat  closed at $6.33, up 6 cents,

Dec 23 CBOT Wheat  closed at $6.60 1/4, up 5 1/4 cents,

Cash SRW Wheat  was $5.64 3/8, up 6 cents,

Sep 23 KCBT Wheat  closed at $7.52 1/2, down 15 cents,

Cash HRW Wheat  was $6.92 3/8, down 15 cents,

Sep 23 MGEX Wheat  closed at $8.22 1/4, down 11 1/4 cents,