Wheat Bulls Battling Back on Monday Morning
Wheat futures opened stronger Monday, with winter wheats posting early gains and spring wheat steady. Last week ended mostly lower, except for slight strength in spring wheat. Speculators increased short positions in Chicago and Kansas City wheat. USDA reports wheat export commitments at 11.566 MMT, the highest for this week since 2013/14.
Wheat is showing gains across the winter wheats on Monday morning, with spring wheat steady. The wheat complex rounded out the week with losses across much of the market, with nearby spring wheat an exception. CBT soft red wheat futures were down 2 to 3 cents, as September was 1 ¾ cents lower last week. KC HRW futures were down 4 to 5 ¼ cents across most contracts on the day, as September slipped another 9 cents from last Friday. MPLS spring wheat closed out the Friday session with contracts steady to a penny higher, as September was down ½ cent on the week.
Weekly CFTC data showed spec traders in Chicago wheat increasing their bearish position by 8,837 contracts to a net short of 98,132 contracts by Tuesday. In KC wheat, managed money added 825 contracts to their net short to 51,380 contracts as of August 19 .
USDA’s Export Sales total from Thursday shows the total wheat commitments at 11.566 MMT, which is the largest for the current week going back to 2013/14. That is also 49% of the USDA export projection, which would normally be near 45%.
Sep 25 CBOT Wheat closed at $5.04 3/4, down 2 1/4 cents, currently up 4 cents
Dec 25 CBOT Wheat closed at $5.27 1/4, down 2 1/2 cents, currently up 4 ½ cents
Sep 25 KCBT Wheat closed at $4.98, down 5 1/4 cents, currently up 3 ¾ cents
Dec 25 KCBT Wheat closed at $5.21, down 5 cents, currently up 3 ½ cents
Sep 25 MGEX Wheat closed at $5.70 1/4, up 1 cent, currently unch
Dec 25 MGEX Wheat closed at $5.91 3/4, up 3/4 cent, currently up ½ cent
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Source : Nasdaq.com
