Wheat markets showed mixed results on Monday, with Chicago Board of Trade (CBOT) and Kansas City (KC) wheat slightly up while Minneapolis (MPLS) wheat weakened. CBOT futures closed down 6.5 cents at $5.16 ¾, with Kansas City down 7.5 cents at $5.18 ¾, and MPLS down 5.5 cents at $5.72 ¼. This follows a decline across all markets into the weekend, with CBT futures falling back 21.5 cents last week.
The USDA’s quarterly Flour Milling report indicated that 222.94 million bushels of wheat were ground for flour from April to June, which is 3.7 million bushels below the previous quarter and 3 million bushels less than the same quarter last year. Additionally, Commitment of Traders data showed a net short position in CBT wheat rising to 65,324 contracts, with KC wheat’s net short position at 47,280 contracts as of July 29.
Sovecon’s latest estimates predict the Russian wheat crop at 83.3 million metric tons (MMT), down from 83.6 MMT, and Ukraine’s wheat crop trimmed to 19.8 MMT. In France, the soft wheat crop is reported to be 89% harvested, per FranceAgriMer.
