Wheat is trading with double digit losses so far on Monday morning trade. The wheat complex slipped lower into the weekend. Chicago SRW contracts closed with 2 ¼ to 3 ¼ cent losses, as July was up 4 ½ cents for the week. Open interest dropped 7,991 contracts on Friday, mainly in July (16,186). KC HRW futures saw fractional to 3 3/4 cent lower trade at the close, with July 13 ¾ cents higher last week. OI slipped 5,690 contracts on Friday. MPLS spring wheat posted 1 ¼ to 8 ½ cent losses on Friday, with July down 1 ¼ cents over the course of the week. Crude oil is down $4.65 this morning and adding pressure after the US and Iran have reportedly come to a peace deal over the weekend.
Commitment of Traders data showed managed money liquidating more length in the Chicago market, dropping the outright longs by 16,852 contracts and increasing the shorts by 4,684 contracts. The net short was increased by 21,536 contracts to 79,407 contracts as of Tuesday. In KC wheat, spec funds flipped their position to a net short of 4,543 contracts, by a bear move of 18,020 contracts.
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FAS released their weekly Export Sales data with new crop business at 4.591 MMT as of June 4 to start the 2026/27 marketing year. That is at 21.77% of the USDA export projection, compared to the 5-year average pace of 23.18%.
The French soft wheat crop was estimated at 77% in good/excellent condition according to the FranceAgriMer, up 1 percentage point from the week prior. The durum crop was at 64% gd/ex, down 1%.
Jul 26 CBOT Wheat closed at $5.84 1/2, down 2 1/4 cents, currently down 11 cents
Sep 26 CBOT Wheat closed at $5.95 3/4, down 2 1/2 cents, currently down 11 1/2 cents
Jul 26 KCBT Wheat closed at $6.34 1/2, down 1/4 cent, currently down 10 3/4 cents
Sep 26 KCBT Wheat closed at $6.40 3/4, down 1/2 cent, currently down 10 1/4 cents
Jul 26 MIAX Wheat closed at $6.18 1/4, down 1 1/4 cents, currently down 8 cents
Sep 26 MIAX Wheat closed at $6.42, down 3 1/2 cents, currently down 6 cents
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.