Wheat Prices Shed Ground Amid Oil Market Activity

Wheat prices slipped in early Tuesday trading, falling 2 to 7 cents as oil prices pressured the markets. Oil with a $3.85 decline from Friday, following U.S. and Iranian negotiations, contributed to the downturn. Despite a brief rebound at mid‑day, the wheat complex closed the day with losses across all three markets. Chicago SRW futures fell 1 ¾ cents in the red, with July contracts down 10 ½ cents over the week, while open interest rose by 3,098 contracts. Kansas City HRW futures dropped 1 ¾ to 5 cents in most contracts, July down 6 cents for the week, and open interest increased by 4,578 contracts. MPLS spring wheat slipped 6 ¢ in the red on Friday, with July down 4 ¼ ¢ last week.

Managed funds trimmed net long positions in CBOT wheat futures and options by 14,224 contracts to a residual net long of 4,799 contracts. In Kansas City wheat contracts, speculative funds reduced their net long by 7,715 contracts, bringing the position to 30,075 contracts.

Export sales data show old‑crop wheat commitments at 25.241 MMT, up 16% from last year and 102% of the USDA forecast, slightly below the 103% average sales pace. New‑crop business stands at 2.029 MMT so far, down 51.45% from the same week last year.

French soft wheat production remains at 80% in good or excellent condition, unchanged from the previous week, according to FranceAgriMer. Durum wheat is rated at 71% good or excellent.

A South Korean flour mill has issued a tender for 100,000 MT of wheat from the U.S. and Canada, with the deadline set for Wednesday.

Market close data (July 26) – CBOT Wheat: $6.46 ¼, down 1 ¼ ¢, currently down 6 ¾ ¢; Sep 26 CBOT Wheat: $6.59 ¼, down 1 ¾ ¢, currently down 6 ¢.
KCBT Wheat (July 26): $6.82, down 5 ¢, currently down 3 ½ ¢; Sep 26 KCBT Wheat: $6.93 ¼, down 4 ½ ¢, currently down 2 ¾ ¢.
MIAX Wheat (Jul 26): $6.90 ½, down ¾ ¢, currently down 3 ¢; Sep 26 MIAX Wheat: $7.10 ¼, down ¾ ¢, currently down 2 ¾ ¢.

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