Wheat Posts Modest Gains on Friday
Wheat futures saw gains due to a lower US dollar, with Chicago SRW, Kansas City HRW, and MPLS spring wheat contracts rising by 5 to 7 cents. Managed money increased their net short position in CBT wheat futures to 77,616 contracts. The French wheat crop is 50% rated as good to excellent, with 67% of the harvest complete. The Russian wheat export tax was reduced by 51% to 444.4 rubles/MT.
Wheat futures got some help from a sharply lower US dollar index on Friday, as contracts were up across the three exchanges. Chicago SRW futures were up 5 to 7 cents on the day. Kansas City HRW contracts were 5 to 6 cents higher. MPLS spring wheat was up 5 to 7 cents.
Friday’s Commitment of Traders report shows managed money adding 2,432 contracts to their net short position in CBT wheat futures + options, at 77,616 contracts by July 30.
The French wheat crop is estimated a 50% good to excellent according to the latest release from the FrenchAgriMer. Harvest was listed at 67% complete, up 26 percentage points from the 41% last week.
The Russian wheat export tax has been dropped by 51% to 444.4 rubles/MT, as of August7.
Sep 24 CBOT Wheat closed at $5.39, up 7 cents,
Dec 24 CBOT Wheat closed at $5.62 1/4, up 5 1/2 cents,
Sep 24 KCBT Wheat closed at $5.59 3/4, up 5 1/4 cents,
Dec 24 KCBT Wheat closed at $5.76 1/4, up 5 1/2 cents,
Sep 24 MGEX Wheat closed at $5.95, up 6 1/2 cents,
Source Link : https://www.nasdaq.com/articles/wheat-posts-modest-gains-friday
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