Wheat futures are showing fractional to penny losses so far on Monday morning. They saw Friday losses across the three exchanges. Chicago SRW futures were down 7 ¾ cents in the nearby contracts, as Dec was up 15 ½ cents since last Friday. KC HRW was 11 ¼ cents higher in the front months to close out the day, as December tallied 12 ¼ cents over the shortened week. MPLS spring wheat was down 12 to 15 cents in the nearbys, with December gaining 13 ¼ cents on the week.
Friday morning’s USDA Export Sales report indicated just 340,032 MT of all wheat export sales in the week that ended on August 29. That was a 3-week low. All wheat export commitments have been taken to 10.363 MMT including products, which is 46% of the USDA forecast total for 2024/25 sales and lagging the 49% average pace. Total shipments from the FAS data are now 5,638 MMT, or 25% of USDA’s number and behind the 26% average.
The weekly update to CFTC data showed spec funds in Chicago wheat cutting 13,578 contracts from their net short position as of Tuesday, taking it to the smallest since early June at 42,624 contracts. In KC wheat, they were covering 4,765 contracts of their net short to 27,237 contracts.
Canadian stocks will be updated this morning via Stats Canada with the trade expecting to show wheat stocks at 3.555 MMT at the end of July.
Sep 24 CBOT Wheat closed at $5.53 1/4, down 7 3/4 cents, currently unch
Dec 24 CBOT Wheat closed at $5.67, down 7 3/4 cents, currently down 1/2 cent
Sep 24 KCBT Wheat closed at $5.69 3/4, down 11 1/4 cents, currently unch
Dec 24 KCBT Wheat closed at $5.77 1/2, down 11 1/4 cents, currently down 1 1/2 cents
Sep 24 MGEX Wheat closed at $5.85 1/4, down 14 1/2 cents, currently unch
Dec 24 MGEX Wheat closed at $6.13 3/4, down 12 cents, currently down 1/4 cent
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