Wheat Resumes Lower Trade on Friday
In the wheat market, all three exchanges saw declines as the week closed. Chicago wheat dropped between 7 ¼ to 14 cents, with July contracts down 14 ¾ cents over the week. Kansas City (KC) wheat closed lower by 9 ¼ to 12 ¾ cents, with July posting a weekly loss of 38 ¼ cents. MPLS spring wheat futures were down 5 ¼ to 11 ½ cents, with July slipping 39 cents since last Friday. CFTC data showed speculators increasing their net short positions. French wheat ratings held steady at 62% good/excellent, well below last year’s 85%. Rain forecasts returned for major Russian wheat regions, while Ukraine raised its grain production estimate by 3.6 MMT to 56 MMT, including 21 MMT of wheat.
The wheat complex was also fading off lower into the week’s close across all three exchanges. Chicago wheat posted 7 ¼ to 14 cent losses on the day, with July down 14 ¾ cents over the course of the week. KC contracts closed out Friday with contracts 9 ¼ to 12 ¾ cents lower, as July posted a weekly loss of 38 ¼ cents. MPLS spring wheat futures were down 5 ¼ to 11 ½ cents at the closing bell, as July slipped 39 cents since last Friday.
Fresh CFTC data from the Commitment of Traders report suggested specs adding back to their net short by 13,432 contracts to 45,116 as of Tuesday. In KC wheat, they increased their net short by 2,870 contracts to 16,408 contracts.
French wheat ratings are seen at 62% gd/ex, according to the FranceAgriMer firm. That is even with a week ago, but well below the 85% last year. Some rains are making their way back into the forecasts for major Russian wheat regions. Ukraine’s Ag Ministry raised their overall grain production estimate by 3.6 MMT to 56 MMT, with 21 MMT of that including wheat.
Jul 24 CBOT Wheat closed at $6.12 3/4, down 7 1/4 cents,
Sep 24 CBOT Wheat closed at $6.28 1/2, down 9 1/4 cents,
Jul 24 KCBT Wheat closed at $6.27 1/2, down 9 1/4 cents,
Sep 24 KCBT Wheat closed at $6.36 1/4, down 11 1/4 cents,
Jul 24 MGEX Wheat closed at $6.55 1/2, down 11 1/2 cents,
Sep 24 MGEX Wheat closed at $6.66, down 10 3/4 cents,
Source Link : https://www.nasdaq.com/articles/wheat-resumes-lower-trade-friday
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