Wheat Falls into the Weekend

The wheat market experienced declines across multiple contracts on Friday, with Chicago SRW futures dropping between 9 to 12¾ cents. July wheat was down 27½ cents year-over-week. KC HRW futures fell 9 to 11¾ cents, while July KC wheat showed a 33-cent weekly decline. Minneapolis spring wheat contracts weakened by 8½ to 11¾ cents daily, with a cumulative loss of 47½ cents over the week.

CFTC data revealed managed money increased their net short position by 1,675 contracts to 71,206 for the week ending June 23. In Kansas City wheat futures and options, speculative traders inverted to a net short of 1,285 contracts, a decline of 8,905 contracts compared to prior weeks.

Tuesday’s USDA June Acreage Report will highlight crop acreage figures, with Bloomberg surveys projecting total wheat acreage at 43.8 million acres, including 9.5 million for spring wheat and 2 million for durum.

US export sales totaled 5.522 million metric tons (MMT), marking a 16% decrease from the previous year and representing 26% of the USDA forecast, trailing the 28% five-year average.

EU estimates show France’s soft wheat crop at 74% in good/excellent condition, down 2 percentage points sequentially, with harvest completion at 7%. Durum crop conditions stood at 58% good/excellent, falling 6 points from the previous week with 19% harvested.

CBOT July Wheat closed at $5.78¼, down 12¾ cents. September contracts closed at $5.89¾, down 11¾ cents. Kansas CityJuly Wheat finished at $6.11, down 9½ cents, while September KC wheat closed at $6.19½, down 11 cents. MinneapolisJuly Wheat ended at $5.76½, down 11¾ cents, and September at $6.05¼, down 9¾ cents.

As of publication date, Austin Schroeder maintained no direct or indirect positions in securities mentioned. This material serves informational purposes only. Refer to Barchart’s Disclosure Policy for further details.

The opinions expressed are those of the author and do not necessarily reflect Nasdaq, Inc.’s views.

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