On Friday, wheat complex is trading with gains in all three markets. By week’s end Chicago SRW futures were up 5 ¾ to 7 ¾ cents, down 18 ¾ cents from the previous Friday in July. Casey HRW futures were 7 ¾ to 11 ¾ cents in the green on Friday, after falling 18 ¾ cents in the July week. MPLS spring wheat gained 4 ¾ to 7 ¼ cents at the close, after falling 25 ½ cents this week.
Managed funds pulled back a net short position of 9,903 contracts in CBT wheat futures and options with a move of 20,567 contracts, CFTC data showed. In KC wheat futures and options, Specs were short from their net longs adding another 7,245 contracts to 37,869 contracts.
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USDA export sales report total commitments for sales of old crop wheat at 24.94 MMT, up 15% y/y. This is 102% of the USDA estimate and close to the average sales pace of 103%. Actual shipments were 22.056 MMT, 90% of the USDA number and 1 percentage point behind normal.
Tuesday will see the release of May WASDE, with old crop stocks falling by 8 MBU to 930 MBU, according to a Bloomberg survey. New crop data will also be released, which will see US stocks in the range of 845 MBU and 759 to 955 MBU.
The annual Kansas HRW Wheat Tour will take place next week.
May 26 CBOT Wheat closed at $6.07 1/2, up 5 3/4 cents,
July 26 CBOT Wheat closed at $6.19, up 6 3/4 cents.
26 May KCBT Wheat closed at $6.72 1/2, up 17 3/4 cents.
26th July KCBT Wheat Up 8 1/2 cents to close at $6.75 3/4,
May 26 MIAX Wheat Up 5 1/2 cents to close at $6.70 3/4,
26th July Mix Wheat closed at $6.79 1/2, up 4 3/4 cents,
On the date of publication, Austin Schroeder did not have (directly or indirectly) any positions in any securities mentioned in this article. All information and data in this article is for informational purposes only. Please see the Barchart Disclosure Policy here for more information.
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