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Wheat slips after buyers lift it off early Friday lows
Chicago SRW futures fell 12 to 18 1/4 cents across front months at the close, while weekly performance diverged by contract.
Wheat traded under pressure into the weekend, though buyers pulled prices back from early Friday lows, according to Yahoo Finance. Chicago SRW contracts were down 12 to 18 1/4 cents in the front months at the close, with September slipping back 4 3/4 cents on the week.
In Kansas City (KC) HRW, nearby futures fell 10 to 14 3/4 cents, while September held for a weekly gain of 13 cents. Minneapolis spring wheat was also lower, with front months down 10 to 15 3/4 cents, and September up 22 1/2 cents for the week.
Positioning data showed managed money trimming its net short in CBT wheat futures and options by another 19,349 contracts in the week ending July 21, leaving it with a net short of 19,349 contracts. In KC wheat, managed money added 12,450 contracts to its net long, which rose to 29,944 contracts.
On the fundamentals side, Export Sales data from FAS put new crop accumulated sales at 6.68 MMT, down 26% from last year and at 32% of the USDA export projection, below the 37% five-year average. The article also cited an estimate of Russia’s wheat crop at 90 MMT, with 2026/27 exports seen at 44.5 MMT, and a FranceAgriMer update pegging the French wheat crop at 65% good to excellent with harvest 99% complete.
Latest closeWheat $679.00 ▼2.5%