As of June 2, managed money in Chicago wheat futures and options recorded the largest bear move on record, increasing their net short position by 39,165 contracts to 57,871 contracts, according to CFTC data. In Kansas City wheat specifications, net long positions decreased by 13,393 contracts to 13,477 contracts. On the trading front, Chicago SRW futures fell by 1 ¾ to 6 cents on June 9, with July contracts down 30 ½ cents for the week.
USDA Export Sales data indicates that new crop wheat sales commitments were at 3.925 million metric tons, reflecting a 26.44% decline compared to the same week last year. Meanwhile, Ukraine’s APK-Inform has estimated the country’s wheat crop at 21.7 million metric tons, an increase of 1.8 million metric tons over previous estimates. Additionally, a South Korean importer purchased 19,500 metric tons of U.S. wheat in a recent tender.
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