Wheat Futures Drop Across Major Markets, Chicago Down 2-3 Cents on Friday

Wheat futures declined broadly on Friday, with Chicago SRW contracts closing 2¼ to 3¼ cents lower, while the July contract gained 4½ cents for the week. Kansas City HRW futures also fell, dropping ¼ to 3¾ cents at the close, though the July contract remained 13¾ cents higher over the week. Minneapolis spring wheat contracts saw steeper losses, down 1¼ to 8½ cents on the day, with July futures down 1¼ cents for the week.

According to Commitment of Traders data, managed money traders reduced their long positions in Chicago wheat by 16,852 contracts, while short positions rose by 4,684 contracts, increasing the net short position by 21,536 contracts to 79,407 contracts as of Tuesday. In Kansas City wheat, speculative funds shifted to a net short of 4,543 contracts, reflecting a bearish adjustment of 18,020 contracts.

The USDA’s FAS reported weekly export sales of 4.591 million metric tons for the 2026/27 marketing year as of June 4, representing 21.77% of the USDA export projection, below the five-year average of 23.18%. Meanwhile, FranceAgriMer estimated the French soft wheat crop at 77% good/excellent condition, up 1 percentage point from the previous week, while durum wheat dropped to 64% good/excellent.

Key contract closings included: July 2026 CBOT Wheat at $5.84½, down 2¼ cents; September 2026 CBOT Wheat at $5.95¾, down 2½ cents; July 2026 KCBT Wheat at $6.34½, down ¼ cent; September 2026 KCBT Wheat at $6.40¾, down ½ cent; July 2026 MIAX Wheat at $6.18¼, down 1¼ cents; and September 2026 MIAX Wheat at $6.42, down 3½ cents.

Source link