Wheat is mixed across most contracts this morning, with strength led by Chicago and the spring wheat complex. The wheat complex was mixed on Friday, with the winter wheats slipping back and spring wheat seeing strength. KC HRW futures were down 3 to 4 1/2 cents across most contracts on Friday with September down just 1/2 cent last week. CBT futures were 3 to 4 cents in the red on the day, with September down 2 ¼ cents. MPLS spring wheat saw gains of 2 to 3 cents to close Friday, with September spring wheat up 4 ½ cents last week.
Weekly CFTC data showed a total of 15,445 contracts added to the spec fund net short position in CBT wheat as of 8/5, taking it to 80,759 contracts. In KC wheat futures and options, managed money added 9,783 contracts to that net short to 57,063 contracts.
Analysts estimate the US wheat production total to be tallied at 1.922 billion bushels in Tuesday’s Crop Production report, which would be down 7 mbu from last month. They also see new crop stocks down 8 mbu to 882 mbu.
Ukraine’s wheat production estimate from APK-Inform was trimmed by 0.9 MMT to 19.7 MMT.
Sep 25 CBOT Wheat is at $5.14 1/2, down 3 3/4 cents, currently up 1 cent
Dec 25 CBOT Wheat is at $5.35, down 4 cents, currently up 1/2 cent
Sep 25 KCBT Wheat is at $5.18 1/4, down 3 1/4 cents, currently down 1 1/2 cents
Dec 25 KCBT Wheat is at $5.37 1/4, down 4 1/2 cents, currently down 1 3/4 cents
Sep 25 MGEX Wheat is at $5.76 3/4, up 2 3/4 cents, currently up 2 cents
Dec 25 MGEX Wheat is at $5.97 1/4, up 2 1/4 cents, currently up 1 3/4 cents
