Wheat prices are trading lower to kick off Monday. Futures found strength on Friday, as all three exchanges posted gains. Chicago SRW futures were up 1 ¾ to 4 ½ cents across the board. KC HRW poste 1 ¾ to 6 cent gains on the session. MPLS spring wheat was up 5 to 7 cents to lead the complex higher.
Friday afternoon’s Commitment of Traders report showed specs in Chicago wheat adding 1,956 contracts to their net short position by Tuesday to 73,288 contracts. In KC wheat, they cut 3,214 contracts from their net short to 32,824 contracts.
All wheat export sales for the 2024/25 marketing year have totaled 8.99 MMT according to the FAS Export Sales report, which accounts for 40% of the USDA projection and lags the 43% average pace. Early shipments just over 2 months into the marketing year are 3.95 MMT, up 24% over last year and 17% of the USDA forecast.
Ukraine’s ag ministry expected the country’s wheat crop to total 21.7 MMT, compared to the 21.6 MMT update from USDA on Monday. Russia hiked their export tax on wheat to 828.4 rubles per MT for the week starting 8/21more than 3x the rate for the current week. FranceAgriMer pegs the French soft wheat harvest at 98% complete, with the crop rating dropping from 49% to 48%.
Sep 24 CBOT Wheat closed at $5.30, up 1 3/4 cents, currently down 6 3/4 cents
Dec 24 CBOT Wheat closed at $5.52 1/2, up 2 1/4 cents, currently down 5 3/4 cents
Sep 24 KCBT Wheat closed at $5.39 3/4, up 2 3/4 cents, currently down 3 1/2 cents
Dec 24 KCBT Wheat closed at $5.55, up 2 1/4 cents, currently down 3 1/4 cents
Sep 24 MGEX Wheat closed at $5.93 1/4, up 7 cents, currently down 3 cents
Dec 24 MGEX Wheat closed at $6.09, up 7 cents, currently down 3 1/4 cents
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