Wheat futures are trending lower across the three markets on Monday morning. The complex held onto the weakness on Friday, with all three exchanges in the red. Chicago SRW futures were 2 to 3 1/4 cents lower on the day but pulled off the lows, as September was 8 cents lower last week. KC contracts were down 2 to 3 cents on Friday, with the weekly losses limited to 2 ½ cents for September. MPLS spring wheat posted just fractional losses, but managed a 10 ¾ cent loss since last Friday.
Friday afternoon’s Commitment of Traders report showed a total of 8,446 contracts trimmed from the spec fund net short position in CBT wheat futures and options as of July 22 to 52,041 contracts. In KC wheat, managed money was net short 43,959 contracts, a reduction of 4,043 contracts on the week.
