Wheat Fades Lower into Friday’s Close
Data reflects U.S. wheat futures fell into the weekend across CBOT, KC, and MGEX contracts, down 4–7 cents. Q2 flour milling totaled 222.94 mbu, below prior and year-ago levels. Speculators increased net short positions in CBOT and KC wheat. Sovecon trimmed Russian and Ukrainian crop estimates, while France’s harvest reached 89%.
The wheat complex faded lower into the weekend, with all three markets in the red. CBT futures were 5 to 7 cents in the red at the close, with September falling back 21 ½ cents. Kansas City HRW contracts were 6 to 7 ½ cents lower on Friday, as September was down just 7 ¾ cents this week to narrow the spread with their soft red counterpart. MPLS spring wheat saw losses of 4 to 6 cents across the front months, with September down 12 ½ cents on the week.
The quarterly Flour Milling report from USDA showed April – June wheat ground for flour totaling 222.94 mbu of wheat. That was 3.7 mbu below the previous quarter and 3 mbu shy of the same quarter last year.
Commitment of Traders data indicated a total of 13,283 contracts added to the spec fund net short position in CBT wheat as of Tuesday, taking it to 65,324 contracts net short by Tuesday. In KC wheat, they added another 3,321 contracts to their net short of 47,280 contracts on July 29.
Sovecon estimates the Russian wheat crop at 83.3 MMT, a slight reduction from the previous estimate of 83.6 MMT. They also trimmed their Ukraine wheat estimate by 2.8 MMT to 19.8 MMT. The French soft wheat crop is estimated at 89% harvested according to FranceAgriMer.
Sep 25 CBOT Wheat closed at $5.16 3/4, down 6 1/2 cents,
Dec 25 CBOT Wheat closed at $5.37, down 5 1/2 cents,
Sep 25 KCBT Wheat closed at $5.18 3/4, down 7 1/2 cents,
Dec 25 KCBT Wheat closed at $5.38 1/2, down 6 1/4 cents,
Sep 25 MGEX Wheat closed at $5.72 1/4, down 5 1/2 cents,
Dec 25 MGEX Wheat closed at $5.97 3/4, down 4 1/2 cents .
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Source : Nasdaq.com
