The wheat markets saw a rally on Friday, with Chicago SRW contracts increasing by 7 to 9 cents, although September futures declined by 1¾ cents over the week. Kansas City HRW futures rose 13 to 15 cents, while MPLS spring wheat gained 8 to 9 cents, closing with September futures up 6½ cents.
In the week ending August 4, managed money increased their net short position in CBT wheat futures and options by 16,906 contracts, totaling 23,786 contracts. In Kansas City wheat, the net long position was trimmed by 139 contracts, now at 33,094.
The USDA’s August Crop Production report, scheduled for release on Wednesday, is expected to show U.S. wheat production at 1.525 billion bushels, a decrease of 11 million bushels from July estimates. Total wheat sales for the marketing year reached 7.277 million metric tons, representing a 29% drop from the previous year, and currently accounts for 35% of the USDA’s forecast.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
