Chicago wheat ended the last trading day of the week with losses of as much as 1.8%. That left the Dec SRW contract at a net 17 cent loss for the week. Sep SRW options expired with a $5.93 settle in the underlying. KC and MGE wheat futures were firmer on the Friday session. HRW futures ended with fractional to 2 cent gains. The Dec contract closed with a net weekly gain of 3 ¾ cents. Spring wheat futures were still down by double digits for the week’s move, though Friday settled with a penny to 3 ¼ cent gains.
Oats Futures Prices  rallied into the weekend with double digit gains on Friday taking Dec back above the $5 mark for the first time in the contract since June of ’22. Â
The weekly CFTC data had net new selling from the SRW spec traders during the week that ended 8/22. That left the group with a 70.9k contract net short – the strongest since June 20th. In HRW, the funds were adding new shorts and flipped their position to net short for the first time since early May. The last time the group was net short HRW, it lasted for one week. As of the Tuesday close, spec traders were 5,965 contracts net short KC wheat. CFTC data had managed money funds selling MGE wheat as well, extending the group’s net short by 4.7k contracts to 6.2k. Â
The European Commission lowered their estimate for wheat output by 300k MT to 126.1 MMT. Harvest pace has been delayed and quality concerns have been in headlines via consistent August rainfall, but they did not directly cite that as the reason for their production cut.Â
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Sep 23 CBOT Wheat  closed at $5.93 1/4, down 10 3/4 cents,
Dec 23 CBOT Wheat  closed at $6.21 3/4, down 10 cents,
Cash SRW Wheat  was $5.24 3/8, down 10 5/8 cents,
Sep 23 KCBT Wheat  closed at $7.54, up 1 cent,
Cash HRW Wheat  was $6.92 5/8, up 1 cent,
Sep 23 MGEX Wheat  closed at $7.75 3/4, up 1 cent,
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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