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Wheat rises early Monday as winter contracts post double digit gains
Chicago SRW, KC HRW, and MPLS spring wheat closed higher, while analysts expect NASS to cut its wheat production outlook in Wednesday's Crop Production report.
Wheat prices were higher early Monday, with winter wheat contracts posting double digit gains, and the wheat complex holding those increases into the close, according to Yahoo Finance.
Chicago SRW futures were up 7 to 9 cents, with September down 1 3/4 cents last week. Kansas City HRW futures rose 13 to 15 cents, with September up 1/2 cent on the week, and MPLS spring wheat finished up 8 to 9 cents, with September up 6 1/2 cents last week.
Weekly Commitment of Traders data showed managed money in CBT wheat futures and options added to its net short by 16,906 contracts in the week ending August 4, bringing it to 23,786 contracts. In KC wheat, managed money trimmed 139 contracts from its net long, taking it to 33,094 contracts.
Attention is now turning to Wednesday, when NASS is set to release updated wheat production data in the monthly Crop Production report. Analysts surveyed by Reuters are looking for 1.525 billion bushels, an 11 million bushel cut versus July, with winter wheat expected down 9 million bushels to 981 million bushels and spring wheat down 7 million bushels to 468 million bushels.
Latest closeWheat $639.50 ▼0.0%