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Wheat futures rise on Friday as managed money adds to shorts
Weekly COT data showed managed money increasing its net short in CBT wheat futures and options by 16,906 contracts in the week ending August 4.
Wheat futures traded higher across major contracts on Friday, with Chicago SRW up 7 to 9 cents, while KC HRW futures gained 13 to 15 cents. Minneapolis spring wheat also rose 8 to 9 cents at the close, extending weekly gains across the three markets.
A weekly Commitment of Traders snapshot showed managed money in CBT wheat futures and options adding to its net short by 16,906 contracts in the week ending August 4, bringing the position to 23,786 contracts. In KC wheat, managed money trimmed 139 contracts from its net long, leaving it at 33,094 contracts.
Traders are also looking ahead to fresh supply and demand data. NASS is set to release updated wheat production data on Wednesday in the monthly Crop Production report, with analysts surveyed by Reuters expecting 1.525 bbu of wheat, an 11 mbu cut from July if realized.
Export Sales data released Thursday totaled 7.277 MMT of wheat sales for the marketing year, down 29% from the same period last year. That level represents 35% of the USDA forecast, below the 44% pace from a year earlier, while France’s soft wheat crop was estimated at 31.9 MMT, down 0.1 MMT from last month, according to the farm ministry, per Yahoo Finance.
Latest closeWheat $629.25 ▼2.0%