Wheat Hold Higher on Friday
The wheat complex is trading with contract rallying on Friday across the three markets. Chicago SRW contracts were up 7 to 9 cents, as September was down 1 3//4 cents this week. KC HRW futures were 13 to 15 cents higher, with September up ½ cent on the week. MPLS spring wheat was up 8 to 9 cents at the close, with September up 6 ½ cents this week.
Weekly Commitment of Traders data indicated managed money in CBT wheat futures and options adding to their net short by 16m906 contracts in the week ending on August 4, taking it to just 23,786 contracts. In KC wheat, they trimmed 139 contracts from their net long, now at 33,094 contracts.
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NASS will release updated production data for wheat on Wednesday via the monthly Crop Production report, with analysts surveyed by Reuters looking for 1.525 bbu of wheat, an `11 mbu cut from July if realized. Winter wheat is seen down 9 mbu to 981 mbu, with spring wheat expected to slip 7 mbu to 468 mbu.
Export Sales data from Thursday tallied total wheat sales for the marketing year at 7.277 MMT, a 29% drop from the same period last year. That is now 35% of the USDA forecast and lags the 44% pace from a year ago.
The French soft wheat crop was estimated at 31.9 MMT according the country’s farm ministry, down just 0.1 MMT from last month.
Sep 26 CBOT Wheat closed at $6.39 3/4, up 8 1/2 cents,
Dec 26 CBOT Wheat closed at $6.58 1/4, up 7 3/4 cents,
Sep 26 KCBT Wheat closed at $7.14, up 14 1/4 cents,
Dec 26 KCBT Wheat closed at $7.30 1/2, up 13 cents,
Sep 26 MIAX Wheat closed at $6.80 1/2, up 8 1/2 cents,
Dec 26 MIAX Wheat closed at $7.02 1/4, up 8 cents,
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