Wheat is heading lower across the three exchanges on Monday morning. All three US wheat markets were higher on Friday, although well off the intraday peaks. Chicago SRW futures settled 3 ¼ to 5 cents higher. Nearby September was up 1 ¾ cents for the week. Kansas City HRW contracts were UNCH to 2 ½ cents higher at the close. MPLS spring wheat futures went home for the weekend with gains of 2 ¼ to 4 ½ cents.
The monthly WASDE report will be out on Monday, with the trade showing expectations for a slight increase to all wheat ending stocks from July at 859 mbu, up 3 mbu. That would likely come from an expected hike to production.
Friday afternoon’s Commitment of Traders report showed speculative funds in Chicago SRW futures were net short 71,332 contracts as of August 6. That was 6,284 contracts less bearish than the previous week. KC HRW futures also revealed a slightly less bearish fund position, shrinking 4,154 contracts for the week to -36,308.
France’s Ag Ministry cut the country crop estimate by 3.3 MMT to 26.3 MMT. FranceAgriMer also reported 88% of the country’s harvest now complete. The crop was rated at 48% gd/ex another 2% drop from the week prior.
Sep 24 CBOT Wheat closed at $5.42 1/2, up 5 cents, currently down 9 1/2 cents
Dec 24 CBOT Wheat closed at $5.65 3/4, up 4 1/4 cents, currently down 9 cents
Sep 24 KCBT Wheat closed at $5.54, up 2 1/2 cents, currently down 10 1/2 cents
Dec 24 KCBT Wheat closed at $5.70 1/2, up 1 3/4 cents, currently down 10 3/4 cents
Sep 24 MGEX Wheat closed at $5.89 3/4, up 4 1/2 cents, currently down 8 1/2 cents
Dec 24 MGEX Wheat closed at $6.08 1/2, up 3 1/4 cents, currently down 7 3/4 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
