Wheat prices weakened into the 3-day weekend. CBT SRW settled 5 ½ to 7 ¼ cents lower on the day, ending the week 26 ¼ cents lower in the Dec contract. KC HRW futures were 4 ½ to 5 ¾ cents weaker on Friday. That extended the Dec contract’s weekly drop to 41 ¾ cents. MGE HRS prices settled a penny to 7 cents in the red on Friday. The Dec contract was down 42 ¼ cents for the week’s move. Dec SRW dropped a net 89 ¾ cents through the month of August, Dec HRW was $1.02 ¼ lower, and Dec HRS fell $1.02 ¾ for the month.
The weekly Commitment of Traders data had managed money adding 8.2k new shorts in Chicago wheat during the week that ended 8/29. That took the group’s net short to 79,881 contracts – a 10-wk high. In KC wheat, the funds only added a net 713 contracts to positions. There was slightly more net new buying than net new selling, which slightly reduced their net short to 5,632 contracts. Spring wheat spec traders were adding shorts during the week according to the CFTC data. That extended their net short by 2.5k contracts to 8.76k.
Sep 23 CBOT Wheat closed at $5.67 1/2, down 5 1/2 cents,
Dec 23 CBOT Wheat closed at $5.95 1/2, down 6 1/2 cents,
Cash SRW Wheat was $5.04 1/1, up 7/8 cent,
Sep 23 KCBT Wheat closed at $7.20 1/2, down 6 cents,
Cash HRW Wheat was $6.48 1/2, down 24 5/8 cents,
Sep 23 MGEX Wheat closed at $7.34, down 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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