On June 2, the wheat market saw continued weakness, with Chicago SRW futures declining by 30.5 cents for the week, closing at $5.80. Kansas City HRW futures ended slightly higher with a 0.5-cent gain, while MPLS spring wheat fell by 44.25 cents over the same period. Crude oil prices also pressured the market, dropping by $2.79.
Data from the CFTC revealed a substantial bearish shift, with managed money in Chicago wheat futures adding 39,165 contracts to their net short position, reaching 57,871 contracts, the largest recorded bear move since 2006. In Kansas City wheat, speculators reduced their net long position by 13,393 contracts, down to 13,477 contracts.
USDA Export Sales reported new crop wheat sales commitments at 3.925 million metric tons, a 26.44% decrease compared to the same week last year. Additionally, FranceAgriMer indicated that the French soft wheat crop’s good/excellent rating stands at 76%, decreasing by 2% from the previous week, while durum wheat ratings fell to 65%, down 6%.
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