Wheat is trading with mixed action as the hard red contracts are higher so far on Monday AM trade. The wheat complex posted losses across most contracts on Friday. Chicago SRW contracts were down 9 to 12 3/4 cents in the front months, with July 27 ½ cents lower on the week. KC HRW futures were 9 to 11 ¾ cents in the red on Friday, with the weekly loss for July at 33 cents. MPLS spring wheat was 8 ½ to 11 ¾ cents lower on the day, with the weekly mode of 47 ½ cents lower.
CFTC data showed managed money adding 1,675 contracts to their net short position in the week ending on June 23, taking it to 71,206 contracts. In KC wheat futures and options, specs were flipping back to a net short of 1,285 contracts, a move of 8,905 contracts.
All wheat acres are expected to be reported at 43.8 million acres in the annual June Acreage report on Tuesday. Spring wheat acres are seen at 9.5 million acres, with durum at 2 million acres in a Bloomberg survey of traders.
A South Korean mill importer has tendered for 100,000 MT of wheat from the US and Australia, with 50,000 MT US specific and a deadline of Tuesday for offers.
Argus estimates the Russian wheat crop at 91.2 MMT, an increase of 2.5 MMT from the previous estimate in April.
Jul 26 CBOT Wheat closed at $5.78 1/4, down 12 3/4 cents, currently down 1 3/4 cents
Sep 26 CBOT Wheat closed at $5.89 3/4, down 11 3/4 cents, currently down 1 1/2 cents
Jul 26 KCBT Wheat closed at $6.11, down 9 1/2 cents, currently up 5 3/4 cents
Sep 26 KCBT Wheat closed at $6.19 1/2, down 11 cents, currently up 5 3/4 cents
Jul 26 MIAX Wheat closed at $5.76 1/2, down 11 3/4 cents, currently up 1 1/2 cents
Sep 26 MIAX Wheat closed at $6.05 1/4, down 9 3/4 cents, currently up 3 1/2 cents
