The wheat market retreated lower into the Friday close, with the three exchanges posting losses. Chicago SRW futures were down 11 to 22 1/4 cents on the day, with July 16 ¾ cents higher on the week. KC HRW futures posted 12 to 19 1/2 cent losses across the board on Friday, with July still up 12 ¼ cents since last Friday. MPLS spring wheat closed the Friday session with contacts down 7 1/2 to 17 1/4 cents, as July was still up 6 ¾ cents on the week.
Managed money was busy adding back to their net long position in CBT wheat futures and options by 9,120 contracts as of 5/12, mainly via new shorts, taking it to 19,023 contracts. In KC wheat futures and options, spec funds trimmed back just 79 contracts from their net long to 37,790 contracts.
The Kansas Wheat Quality Tour was completed on Thursday, with an average yield of 38.9 bpa. That was the lowest average yield for the tour since 2023, and the second lowest since 2018. The production total was 218 mbu, which compares to the 214 mbu from USDA on Tuesday.
France’s wheat crop was rated at 80% good/excellent as of May 11 according to FranceAgriMer, even with the previous week, with the durum crop at 71%.
Sep 26 CBOT Wheat closed at $6.49 3/4, down 22 cents,
Dec 26 CBOT Wheat closed at $6.69 3/4, down 21 1/4 cents,
Sep 26 KCBT Wheat closed at $6.97 1/2, down 18 1/2 cents,
Dec 26 KCBT Wheat closed at $7.11 1/4, down 19 1/4 cents,
Sep 26 MIAX Wheat closed at $7.06 3/4, down 17 1/4 cents,
Dec 26 MIAX Wheat closed at $7.25 1/2, down 16 3/4 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.
