Wheat is starting the fresh week with gains across most winter wheat contracts, as spring wheat is on the lower side of unchanged. The wheat market was in rally mode on Friday, with spring wheat joining in with slightly higher movement. CBT prices were 12 to 13 cents higher across most nearbys, with September up 1 1/4 cents. KC contracts were 11 to 12 cents in the green, as Sep was up 4 ¾. MPLS spring wheat was fractionally higher, as September fell 18 ¼ cents. The dollar index was weaker to provide some support.
Bangladesh has signed a memorandum of understanding to purchase 700,000 MT of US wheat on an annual basis over the next 5 years. The total exports from the US to Bangladesh over the last 5 years combined is 648,567 MT
CFTC data showed spec traders in CBT wheat futures and options adding 4,893 contracts to their net short Chicago wheat position to 60,487 contracts. They were busy increasing their net short in KC wheat as week by 4,683 contracts to 48,002 contracts as of 7/12.
Export commitments so far in the marketing year are 8.259 MMT according to USDA, which was 36% of the balance sheet export projection and ahead of the 35% average pace.
FranceAgriMer estimates the French wheat crop at 69% gd/ex, up 1 point from the previous week, with harvest moving along at 71 %, compared to 36% last week.
Sep 25 CBOT Wheat closed at $5.46 1/4, up 12 3/4 cents, currently up 2 1/2 cents
Dec 25 CBOT Wheat closed at $5.67, up 12 3/4 cents, currently up 2 1/4 cents
Sep 25 KCBT Wheat closed at $5.29, up 11 1/2 cents, currently up 2 3/4 cents
Dec 25 KCBT Wheat closed at $5.51 1/2, up 11 1/2 cents, currently up 2 1/2 cents
Sep 25 MGEX Wheat closed at $5.96 1/2, up 1/2 cent, currently unch
Dec 25 MGEX Wheat closed at $6.17 1/2, up 3/4 cent, currently down ¾ cents
