Wheat Ends Friday with Double Digit Weakness

The wheat complex posted weakness across the board on Friday. Chicago contracts were down 2 to 12 cents, led by the front months. Kansas City futures closed with contracts 4 ¼ to 11 ½ cents. MPLS spring wheat futures were down 7 ½ to 9 ¾ cents across the board.

The Kansas HRW Wheat Quality Tour saw tour average yield of 46.5 bpa. That is well above the 30 from last year and higher than the prior 5-year average of 42.4 bpa. The total production estimate for the KS crop was 290.4 mbu, well above the USDA’s 267.9 from last week.

The large managed money spec funds in Chicago wheat futures and options cut another 14,109 contracts from their net short position as of May 14 to 28,251 contracts. That was the smallest net short they have held since October 2022. In KC wheat, they cut 6,746 contracts from their net short to 17,267 contracts as of Tuesday. 

Jul 24 CBOT Wheat  closed at $6.51 1/4, down 12 cents,

Sep 24 CBOT Wheat  closed at $6.72, down 11 1/2 cents,

Jul 24 KCBT Wheat  closed at $6.61 3/4, down 11 1/2 cents,

Sep 24 KCBT Wheat  closed at $6.75 1/2, down 11 1/2 cents,

Jul 24 MGEX Wheat  closed at $7.11 1/2, down 9 1/4 cents,

Sep 24 MGEX Wheat  closed at $7.21 1/2, down 8 3/4 cents,

On the date of publication, Alan Brugler 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.