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Wheat futures are experiencing weakness as of November 8, 2023, with Chicago SRW futures down 6 to 8 cents and KC HRW futures down 4 to 6 cents. The drop follows a USDA report on November 7 that raised world stocks by 3.44 million metric tons (MMT) to 274.87 MMT, attributed to a production increase of 8.92 MMT across several countries, including Canada (+3), Australia (+1), Argentina (+2), the EU (+1.7), and Russia (+1).
In related trading data, managed money trimmed 4,520 contracts from their net short position in CBT wheat to 70,613 and cut 9,254 contracts in KC wheat, leaving a net short of 42,454 contracts.
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