Wheat Falling Back to Start Month-End Trade

Wheat is starting off a new week with sharp losses on Monday. The wheat complex extended the move to 3-year highs for the winter wheats into the weekend. Chicago SRW contracts rallied 10 ½ to 24 ¼ cents across the board on Friday, with September 85 ½ cents higher on the week. Open interest was up 4,975 contracts on Friday. There were just 9 deliveries first notice day for Sep CBT wheat.  KC HRW futures saw gains of 10 to 24 ¼ cents in the front months, as September was 71 ½ cents higher since last Friday. There were 143 delivery notices for September KC wheat on FND. MPLS spring wheat joined in on the rally, with contracts 8 ¼ to 12 ½ cents higher, as September was up 47 cents this week.

Over the weekend, Turkey was reportedly pushing for a Black Sea shipping corridor to help restore the flow of grains. 

Export Sales data has wheat sales for the current marketing year at 8.342 MMT, down 31% from the same week last year. That is 40% of the USDA export projection and behind the 52% average. 

CFTC’s weekly Commitment of Traders report showed managed money cutting back another 12,314 contracts from their CBT wheat net short position in the week of 8/25 to a net short of 14,171 contracts. Nearby Chicago has rallied 82 cents since Tuesday’s close. In KC wheat, specs added another 9,227 contracts to their net long to 44,062 contracts.

Sep 26 CBOT Wheat  closed at $7.67, up 24 1/4 cents, currently down 13 3/4 cents

Dec 26 CBOT Wheat  closed at $7.84, up 23 1/4 cents, currently down 16 3/4 cents

Sep 26 KCBT Wheat  closed at $8.27 3/4, up 24 1/4 cents, currently down 14 3/4 cents

Dec 26 KCBT Wheat  closed at $8.44 1/4, up 22 1/4 cents, currently down 14 3/4 cents

Sep 26 MIAX Wheat  closed at $7.45 1/4, up 12 1/2 cents, currently down 7 1/4 cents

Dec 26 MIAX Wheat  closed at $7.69 1/4, up 11 1/2 cents, currently down 10 1/2 cents