The U.S. winter wheat harvest reached 59% completion as of Sunday, July 23, 2023, which is 8% ahead of the typical pace. The condition of the crop remains steady at 26% rated good/excellent, according to the NASS Crop Progress report. The final Brugler500 index rating for the crop was noted at 262, with the average for major hard red winter (HRW) states at 209, and for soft red winter (SRW) states at 360.
In the wheat futures market, as of July 26, July CBOT wheat is priced at $6.05 1/4, down 3/4 cent, while September CBOT wheat is up 1/2 cent at $6.14 1/2. Kansas City wheat trades show a slight rise in July prices to $6.39 1/2 but a decline in September prices at $6.45 3/4, down 4 cents.
The Commitment of Traders report indicated that managed money has decreased its net short position in Chicago wheat to 69,030 contracts, while in Kansas City, speculators shifted to a net long position of 6,910 contracts, an adjustment of 8,195 contracts over the week.
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