Wheat Ends the Week on a Low Note

The wheat complex led things lower on Friday. Spring wheat was the leader to the downside, with contracts 12 ¾ to 22 cents lower. KC HRW was down 12 to 15 ¼ cents in the front months, with deferred contracts 2 to 8 ½ lower. SRW contracts were down 1 to 9 ½ cents. 

Egypt is considering sending inspectors to Ukrainian ports to inspect cargos headed to Egypt. Following last week’s trade deal, Ukraine is set to start shipping, but has not set an official start date. According to government officials, 17 vessels that have been in ports since the invasion are ready for shipment.  

The weekly Commitment of Traders report indicated specs in Chicago wheat futures and options added another 3,575 contracts to their net short position as of 7/26, taking it to 10,391 contracts. In KC wheat, they trimmed their net long position by 827 contracts to 11,041 contracts as od Tuesday.  

Sep 22 CBOT Wheat  closed at $8.07 3/4, down 9 1/4 cents, 

Dec 22 CBOT Wheat  closed at $8.25 3/4, down 9 1/2 cents, 

Cash SRW Wheat  was $7.49, down 9 1/4 cents, 

Sep 22 KCBT Wheat  closed at $8.74 1/2, down 15 1/4 cents, 

Cash HRW Wheat  was $8.22 3/8, down 15 1/4 cents, 

Sep 22 MGEX Wheat  closed at $9.06, down 22 cents,