On Friday, the wheat complex experienced a decline across all three exchanges. Chicago SRW futures dropped by 2 to 3 1/4 cents, with September futures closing at $5.38 1/4, down 3 1/4 cents for the week. Kansas City (KC) wheat contracts also fell 2 to 3 cents, ending at $5.26 1/2, while Minneapolis (MPLS) spring wheat saw fractional losses, culminating in a 10 ¾ cent loss since the previous week.
As of July 22, the Commitment of Traders report indicated that the net short position in CBT wheat futures decreased by 8,446 contracts to a total of 52,041. Meanwhile, U.S. Export Sales recorded 8.984 million metric tons of wheat sold this marketing year, equating to 39% of the USDA estimate. Additionally, a South Korean importer purchased 85,200 metric tons of U.S. wheat on Friday morning, while FranceAgriMer reported that the soft wheat harvest is now 86% complete, up from 71% last week.
