Wheat futures are trading on the lower side of unchanged on Monday morning. The wheat complex was in near free fall mode heading into the weekend, with losses across the three exchanges. Chicago SRW futures were down 13 to 15 cents. Preliminary open interest showed net new selling, rising 5,354 contracts for the CBT SRW. Kansas City HRW contracts were 16 cents lower in the front months as they hit fresh multi-year lows. MPLS spring wheat was down another 12 to 15 cents.
Spec funds in CBT wheat trimmed 702 contracts from their net short in the week ending July 23, taking it to 75,184 contracts. In KC futures and options, they peeled back 3,030 contracts from their net short to 40,866 contracts.
Export Sales data shows that exporters have sold 36% of the USDA export projection for the 2024/25 marketing year including both shipped and unshipped sales. We’d normally be sold on 37% of the export forecast by this date, so are basically on track with the USDA forecast.
Taiwan wheat mills issued a tender to purchase 105,650 MT of US wheat on Friday. The FranceAgriMer pegged the country’s wheat harvest at 41% complete, up from 14% the week prior but still behind average. Conditions were down 2% to 50% gd/ex. SovEcon raised their projection for the Russian wheat crop again, this time by 0.5 MMT to 84.7 MMT.
Sep 24 CBOT Wheat closed at $5.23 1/2, down 14 1/4 cents, currently down 5 1/4 cents
Dec 24 CBOT Wheat closed at $5.48 1/2, down 14 cents, currently down 5 cents
Sep 24 KCBT Wheat closed at $5.45 1/2, down 16 cents, currently down 3/4 cents
Dec 24 KCBT Wheat closed at $5.62, down 16 cents, currently down 1 1/2 cents
Sep 24 MGEX Wheat closed at $5.88 1/2, down 15 1/4 cents, currently down 4 cents
Dec 24 MGEX Wheat closed at $6.07 1/2, down 14 1/2 cents, currently down 3 1/2 cents
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