Wheat prices are trading with double digit losses across most contracts on Monday morning. The outside factors sharply lower on Monday, with S&P futures down more than 3%. Futures got some help from a sharply lower US dollar index on Friday, as contracts were up across the three exchanges. Chicago SRW futures were up 5 to 7 cents on the day. Kansas City HRW contracts were 5 to 6 cents higher. MPLS spring wheat was up 5 to 7 cents.
Friday’s Commitment of Traders report shows managed money adding 2,432 contracts to their net short position in CBT wheat futures + options, at 77,616 contracts by July 30.
The French wheat crop is estimated a 50% good to excellent according to the latest release from the FrenchAgriMer. Harvest was listed at 67% complete, up 26 percentage points from the 41% last week.
The Russian wheat export tax has been dropped by 51% to 444.4 rubles/MT, as of August 7.
Sep 24 CBOT Wheat closed at $5.39, up 7 cents, currently down 17 1/2 cents
Dec 24 CBOT Wheat closed at $5.62 1/4, up 5 1/2 cents, currently down 16 cents
Sep 24 KCBT Wheat closed at $5.59 3/4, up 5 1/4 cents, currently down 13 1/2 cents
Dec 24 KCBT Wheat closed at $5.76 1/4, up 5 1/2 cents, currently down 13 1/4 cents
Sep 24 MGEX Wheat closed at $5.95, up 6 1/2 cents, currently down 10 3/4 cents
Dec 24 MGEX Wheat closed at $6.14 1/2, up 6 1/2 cents, currently down 9 3/4 cents
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