Wheat Extends Collapse into Friday’s Close
Wheat futures fell across exchanges on Friday. Chicago SRW dropped 4 ¼ to 8 ¾ cents, KC HRW lost 6 ¾ to 10 cents, and MPLS Spring Wheat saw losses of 5 ½ to 16 ½ cents. Speculators increased net long positions in Chicago wheat and added to net shorts in KC wheat. Export commitments are strong, with French wheat 100% harvested and rated 49% good to excellent.
Wheat futures fell across all three exchanges on Friday. Chicago SRW futures were down 4 ¼ to 8 ¾ cents across the board, as September was down 27 ¾ on the week. KC HRW was 6 ¾ to 10 cents lower on the day, with September losing 19 ¾ cents since last Friday. MPLS spring wheat drove the bus to the downside, as the board saw losses of 5 ½ to 16 ½ cents on the day, with Sep falling 41 ½ cents this week.
Friday afternoon’s Commitment of Traders report showed speculators in Chicago whet futures and options covering 20,303 contracts from their net short position as of August 20 to 52,985 contracts. In KC wheat, they added 2,495 contracts back to their net short at 35,319 contracts by Tuesday.
Thursday morning’s Export Sales report showed all wheat export commitments at 9.488 MMT of August 15. That was 31% above the year prior and is a 4-year high. It is also 42% of the USDA estimated full year projection, lagging the 44% average pace.
FranceArgiMer estimates the French wheat crop at 100% harvested and ending the season with a 49% good to excellent rating.
Sep 24 CBOT Wheat closed at $5.02 1/4, down 8 3/4 cents,
Dec 24 CBOT Wheat closed at $5.28, down 7 1/2 cents,
Sep 24 KCBT Wheat closed at $5.20, down 9 1/4 cents,
Dec 24 KCBT Wheat closed at $5.35, down 10 cents,
Sep 24 MGEX Wheat closed at $5.51 3/4, down 16 1/2 cents,
Dec 24 MGEX Wheat closed at $5.72 1/4, down 11 3/4 cents.
source Link : https://www.barchart.com/story/news/28186558/wheat-extends-collapse-into-fridays-close
