Wheat is showing slight gains so far on Monday morning, with spring wheat a little weaker. The wheat complex saw Friday gains, as USDA gave a friendlier US number. CBT soft red wheat futures were 2 to 3 cents in the higher at the close, with December up 4 ¼ cents last week. Friday’s open interest was down 2,305 contracts. HRW futures were up 4 to 5 cents across the front months, as Dec rose 9 ½ cents since the previous Friday. Preliminary OI was up just 2,992 contracts. There were 22 deliveries against September, which expired on Friday, with the monthly total at 663. MPLS spring wheat was fractionally higher, with December up 5 ¾ cents last week.
The Friday afternoon Commitment of Traders report showed spec traders in Chicago wheat futures and options adding 10,451 contracts to their net short position of 92,394 contracts by Tuesday September 9th. In Kansas City futures and options, specs trimmed their net short position by 1,656 contracts to 53,025 contracts.
