The wheat complex is posting double digit gains of 14 to 19 cents across the three exchanges far on Monday morning. They posted weakness across the board on Friday. Chicago contracts were down 2 to 12 cents, led by the front months. Kansas City futures closed with contracts 4 ¼ to 11 ½ cents. MPLS spring wheat futures were down 7 ½ to 9 ¾ cents across the board.
The Kansas HRW Wheat Quality Tour saw tour average yield of 46.5 bpa. That is well above the 30 from last year and higher than the prior 5-year average of 42.4 bpa. The total production estimate for the KS crop was 290.4 mbu, well above the USDA’s 267.9 from last week.
The large managed money spec funds in Chicago wheat futures and options cut another 14,109 contracts from their net short position as of May 14 to 28,251 contracts. That was the smallest net short they have held since October 2022. In KC wheat, they cut 6,746 contracts from their net short to 17,267 contracts as of Tuesday.
Russia’s Grain Union is anticipating Russian wheat exports will slow to 48 MMT in 2024/25 vs. 53.5 MMT in 2023/24. This would be driven by frost related production losses.
Jul 24 CBOT Wheat closed at $6.51 1/4, down 12 cents, currently up 18 1/2 cents
Sep 24 CBOT Wheat closed at $6.72, down 11 1/2 cents, currently up 17 3/4 cents
Jul 24 KCBT Wheat closed at $6.61 3/4, down 11 1/2 cents, currently up 19 1/2 cents
Sep 24 KCBT Wheat closed at $6.75 1/2, down 11 1/2 cents, currently up 18 1/2 cents
Jul 24 MGEX Wheat closed at $7.11 1/2, down 9 1/4 cents, currently up 14 3/4 cents
Sep 24 MGEX Wheat closed at $7.21 1/2, down 8 3/4 cents, currently up 14 1/2 cents
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