Wheat Closes Lower on Friday to Push Week’s Losses
Wheat futures ended lower Friday, with CBOT, KCBT, and MGEX contracts all in the red. September CBOT fell 3¼¢ to \$5.38¼. Managed money trimmed short positions, while USDA reports 8.984 MMT wheat sold—39% of the annual target. South Korea purchased 85,200 MT of U.S. wheat; France’s harvest is 86% complete.
The wheat complex held onto the weakness on Friday, with all three exchanges in the red. Chicago SRW futures were 2 to 3 1/4 cents lower on the day but pulled off the lows, as September was 8 cents lower this week. KC contracts were down 2 to 3 cents on Friday, with the weekly losses limited to 2 ½ cents for September. MPLS spring wheat posted just fractional losses, but managed a 10 ¾ cent loss since last Friday.
Friday afternoon’s Commitment of Traders report showed a total of 8,446 contracts trimmed from the spec fund net short position in CBT wheat futures and options as of July 22 to 52,041 contracts. In KC wheat, managed money was net short 43,959 contracts, a reduction of 4,043 contracts on the week.
USDA’s Export Sales data tallied 8.984 MMT of wheat sold so far for this marketing year. That is 39% of the USDA estimate and above the average sales pace of 37%.
A South Korean importer purchased a total of 85,200 MT of wheat from the US on Friday morning. FranceAgriMer estimates the soft wheat harvest at 86% complete, up from 71% last week.
Sep 25 CBOT Wheat closed at $5.38 1/4, down 3 1/4 cents,
Dec 25 CBOT Wheat closed at $5.58 1/4, down 3 cents,
Sep 25 KCBT Wheat closed at $5.26 1/2, down 2 cents,
Dec 25 KCBT Wheat closed at $5.47 3/4, down 2 cents,
Sep 25 MGEX Wheat closed at $5.85 3/4, down 3/4 cent,
Dec 25 MGEX Wheat closed at $6.06, down 3/4 cent .
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Source : BarChart
