Wheat Ends Friday with Double Digit Weakness
On Friday, wheat markets showed widespread weakness. Chicago contracts fell by 2 to 12 cents, led by front months, while Kansas City futures dropped by 4 ¼ to 11 ½ cents. MPLS spring wheat futures declined by 7 ½ to 9 ¾ cents. The Kansas HRW Wheat Quality Tour reported a tour average yield of 46.5 bpa, exceeding last year’s 30 and the 5-year average of 42.4 bpa. Production estimate for KS crop was 290.4 mbu, surpassing USDA’s 267.9.
The wheat complex posted weakness across the board on Friday. Chicago contracts were down 2 to 12 cents, led by the front months. Kansas City futures closed with contracts 4 ¼ to 11 ½ cents. MPLS spring wheat futures were down 7 ½ to 9 ¾ cents across the board.
The Kansas HRW Wheat Quality Tour saw tour average yield of 46.5 bpa. That is well above the 30 from last year and higher than the prior 5-year average of 42.4 bpa. The total production estimate for the KS crop was 290.4 mbu, well above the USDA’s 267.9 from last week.
The large managed money spec funds in Chicago wheat futures and options cut another 14,109 contracts from their net short position as of May 14 to 28,251 contracts. That was the smallest net short they have held since October 2022. In KC wheat, they cut 6,746 contracts from their net short to 17,267 contracts as of Tuesday.
Jul 24 CBOT Wheat closed at $6.51 1/4, down 12 cents,
Sep 24 CBOT Wheat closed at $6.72, down 11 1/2 cents,
Jul 24 KCBT Wheat closed at $6.61 3/4, down 11 1/2 cents,
Sep 24 KCBT Wheat closed at $6.75 1/2, down 11 1/2 cents,
Jul 24 MGEX Wheat closed at $7.11 1/2, down 9 1/4 cents,
Sep 24 MGEX Wheat closed at $7.21 1/2, down 8 3/4 cents,
Source Link : https://www.barchart.com/story/news/26295637/wheat-ends-friday-with-double-digit-weakness
