The wheat complex experienced a slip lower heading into the weekend, with Chicago SRW contracts closing with losses of 2 ¼ to 3 ¼ cents. Despite this, July managed to gain 4 ½ cents for the week. On the other hand, KC HRW futures saw fractional to 3 ¾ cent lower trade at the close, with July ending the week 13 ¾ cents higher. MPLS spring wheat posted losses of 1 ¼ to 8 ½ cents on Friday, resulting in July closing down 1 ¼ cents for the week.
Commitment of Traders data revealed that managed money was liquidating more length in the Chicago market. Outright long positions decreased by 16,852 contracts, while shorts increased by 4,684 contracts. This led to a net short position increase of 21,536 contracts, bringing the total to 79,407 contracts as of Tuesday. In the KC wheat market, spec funds flipped their position to a net short of 4,543 contracts, following a bearish move of 18,020 contracts.
FAS released their weekly Export Sales data, revealing new crop business at 4.591 MMT as of June 4 for the 2026/27 marketing year. This represents 21.77% of the USDA export projection, slightly below the 5-year average pace of 23.18%. Additionally, the French soft wheat crop was estimated to be in good/excellent condition at 77%, up 1 percentage point from the previous week. The durum crop, however, was at 64% good/excellent, a decrease of 1%.
Closing prices for wheat futures on Friday were as follows:
– Jul 26 CBOT Wheat closed at $5.84 1/2, down 2 1/4 cents
– Sep 26 CBOT Wheat closed at $5.95 3/4, down 2 1/2 cents
– Jul 26 KCBT Wheat closed at $6.34 1/2, down 1/4 cent
– Sep 26 KCBT Wheat closed at $6.40 3/4, down 1/2 cent
– Jul 26 MIAX Wheat closed at $6.18 1/4, down 1 1/4 cents
– Sep 26 MIAX Wheat closed at $6.42, down 3 1/2 cents
It is important to note that on the date of publication, Austin Schroeder did not hold any positions in the mentioned securities. The information provided in this article is for informational purposes only. For the original article and more news, visit Barchart.com.
