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Wheat slides from late-week gains as export pace lags
The wheat market extended a selloff while U.S. wheat export sales totaled 8.342 MMT for the current marketing year, down 31% from the same week a year earlier.
Wheat futures fell sharply at the start of the week after the complex had climbed into 3-year highs for winter wheats over the weekend, with Chicago SRW contracts giving back 10.5 to 24.25 cents across the board on Monday, according to Yahoo Finance citing Barchart.com. In Chicago, September SRW was 85.5 cents higher for the week heading into the selloff, and open interest increased by 4,975 contracts on Friday. For September, there were just 9 deliveries first notice day for CBT wheat, while KC HRW futures posted gains of 10 to 24.25 cents in the front months, with September up 71.5 cents since the prior Friday. Outside Chicago, KC HRW saw 143 delivery notices for September on FND, and MPLS spring wheat rose 47 cents for the week. Over the weekend, Turkey was reportedly pushing for a Black Sea shipping corridor to help restore grain flows, but the new session still opened with losses. Export sales data showed wheat sales for the current marketing year at 8.342 MMT, down 31% from the same week last year, at 40% of the USDA export projection and behind the 52% average, the report said. The CFTC weekly Commitment of Traders data also showed managed money cutting 12,314 contracts from their CBT wheat net short position in the week of 8/25 to a net short of 14,171, while specs in KC wheat added 9,227 contracts to a net long of 44,062.
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Latest closeWheat $781.00 ▲3.2%