Wheat is showing positive trade early on Monday, with a rebound from Friday’s losses. The wheat complex posted losses across the three markets on Friday, following a larger than expected production total. Chicago SRW wheat was down 9 to 10 cents, with September down 11 ¾ cents this week. There were another 34 delivery notices against July on Friday. July futures expire today. KC HRW contracts were down 10 to 11 cents on the day, taking the week pullback to 11 ¾ cents. There were 5 deliveries against July on Friday evening. MPLS spring wheat was down the hardest, 18 to 25 cents lower on Friday, with a weekly decline of 33 ½ cents.
Friday afternoon’s Commitment of Traders report indicated spec funds continuing to trim their large net short position in Chicago wheat futures and options, this week by 7,477 contracts to 55,594 contracts as of July 8th. In Kansas City wheat, managed money added 971 contracts to their net short position to 43,319 contracts.
