Wheat Falls into the Weekend
The wheat market failed to join in on the corn and bean strength on Friday, with contracts falling lower. Chicago SRW futures posted Friday losses of 7 to 8 cents on the day, as July was down 21 ¼ cents this week. Kansas City HRW futures faced weakness, with contracts 7 to 8 cents lower and July falling 23 ¾ cents this week. Minneapolis spring wheat futures saw Friday losses of 6 to 8 cents and July 17 ½ cents in the red this week.
Commitment of Traders data showed spec funds cutting back their large net short position in CBT wheat as of May 6 by 7,681 contracts, taking it to 113,734 contracts. In KC wheat, they extended their record net short to 72,240 contracts, a move of -4,971 contracts as of Tuesday.
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The weekly Export Sales report now has total wheat export commitments at 21.631 MMT as of last Thursday, which is up 14% from last year. That is also just 97% of the USDA forecast, with less than a month left in the marketing year and compared to the 104% normal sale pace for this week.
On Monday, USDA will release the first WASDE showing the 2025/26 balance sheets. Analysts expect to see old crop world stocks at 261 MMT, with the first release for new crop at 261.2 MMT.
FranceAgriMer estimated the French soft wheat crop at 74% good/excellent, which is steady with the previous week.
Jul 25 CBOT Wheat closed at $5.21 3/4, down 7 1/2 cents,
Sep 25 CBOT Wheat closed at $5.36 1/2, down 7 1/2 cents,
Jul 25 KCBT Wheat closed at $5.17 1/2, down 7 1/4 cents,
Sep 25 KCBT Wheat closed at $5.31 3/4, down 7 cents,
Jul 25 MGEX Wheat closed at $5.93 1/2, down 7 1/4 cents,
Sep 25 MGEX Wheat closed at $6.06 1/2, 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.
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