The wheat complex saw continued weakness on Friday, though a few contracts did end higher. Chicago SRW futures were 1 ¾ to 6 cents in the red on the day, as July fell 30 ½ cents on the week. KC HRW futures saw a ½ cent gain in July on Friday, as the rest of the board was ½ to 6 cents lower, with July down 29 cents this week. MPLS spring wheat was down 1 ½ to 3 cents higher in most contracts, as July fell 44 ¼ cents since last Friday. Crude oil losses of $2.79 added some modest pressure.
Weekly Commitment of Traders data from CFTC showed managed money in Chicago wheat futures and options with the largest Tuesday/Tuesday bear move on record (back to 2006), adding 39,165 contracts to their net short at 57,871 contracts by June 2. In Kansas City wheat futures and options, specs trimmed their net long position by 13,393 contracts to 13,477 contracts as of Tuesday.
USDA Export Sales data has the new crop wheat sales commitments at 3.925 MMT, which is now down 26.44% from the same week last year.
FranceAgriMer showed the French soft wheat crop at 76% good/excellent, down 2% from the previous week. Durum wheat ratings were 65%, a drop of 6%.
Jul 26 CBOT Wheat closed at $5.80, down 1 3/4 cents,
Sep 26 CBOT Wheat closed at $5.92 3/4, down 2 1/2 cents,
Jul 26 KCBT Wheat closed at $6.20 3/4, up 1/2 cent,
Sep 26 KCBT Wheat closed at $6.31 1/2, down 1/2 cent,
Jul 26 MIAX Wheat closed at $6.20 1/2, down 1 1/2 cents,
Sep 26 MIAX Wheat closed at $6.46 1/4, down 1 cent,
