Wheat is showing mixed action with soft wheat weaker and hard red contracts higher. The wheat complex saw continued weakness on Friday, though a few contracts did end higher. Chicago SRW futures were 1 ¾ to 6 cents in the red on the day, as July fell 30 ½ cents on the week. Preliminary open interest was down 10,507 contracts, mainly in July. KC HRW futures saw a ½ cent gain in July on Friday, as the rest of the board was ½ to 6 cents lower, with July down 29 cents this week. Open interest was down 11,168 contracts. MPLS spring wheat was down 1 ½ to 3 cents higher in most contracts, as July fell 44 ¼ cents since last Friday. Crude oil losses of $2.79 added some modest pressure.
Weekly Commitment of Traders data from CFTC showed managed money in Chicago wheat futures and options with the largest Tuesday/Tuesday bear move on record (back to 2006), adding 39,165 contracts to their net short at 57,871 contracts by June 2. In Kansas City wheat futures and options, specs trimmed their net long position by 13,393 contracts to 13,477 contracts as of Tuesday.
USDA Export Sales data has the new crop wheat sales commitments at 3.925 MMT, which is now down 26.44% from the same week last year.
Ukraine’s APK-Inform estimates the country’s wheat crop at 21.7 MMT, a 1.8 MMT increase from the previous number. A South Korean importer purchased 19,500 MT of wheat from the US in a tender late last week
Jul 26 CBOT Wheat closed at $5.80, down 1 3/4 cents, currently down 3/4 cent
Sep 26 CBOT Wheat closed at $5.92 3/4, down 2 1/2 cents, currently down 1 cent
Jul 26 KCBT Wheat closed at $6.20 3/4, up 1/2 cent, currently up 4 1/4 cents
Sep 26 KCBT Wheat closed at $6.31 1/2, down 1/2 cent, currently up 3 cents
Jul 26 MIAX Wheat closed at $6.20 1/2, down 1 1/2 cents, currently up 1/2 cent
Sep 26 MIAX Wheat closed at $6.46 1/4, down 1 cent, currently up 1 cent
On the date of publication, Austin Schroeder 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.
