Wheat is down across all three exchanges with some exception to the September contracts. The wheat complex saw stronger trade on Friday across the three markets. CBT soft red wheat futures were up 5 to 7 3/4 cents at on Friday, as December was a dime higher last week. Preliminary open interest was down 10,535 contracts on Friday, suggesting some short covering. KC HRW futures were 4 to 6 cents in the green on the day, with December down 1 ¼ cents last week. There were another 262 deliveries issued against September KC wheat. MPLS spring wheat was 2 to 4 cents higher, as Dec fell by a dime on the week.
The Friday afternoon Commitment of Traders report showed spec funds slashing 16,545 contracts from their net short position in CBT wheat futures and options to 81,587 contracts as of Tuesday. In Kansas City wheat futures and options, they trimmed 2,699 contracts from their net short position to 48,681 contracts.
