The wheat market saw gains across various exchanges on Friday, with Chicago SRW futures rising by 2 to 7 cents and Kansas City HRW increasing by 4 to 7 cents. On the same day, there were 416 deliveries against September CBT wheat futures on their first notice day. The Minneapolis spring wheat closed higher, up 10 to 11 cents across nearby contracts.
Total U.S. wheat export commitments stand at 10.023 million metric tons (MMT), representing 45% of the USDA’s forecast for 2024/25, slightly below the average pace of 47%. Total shipments are at 4.999 MMT or 22% of the USDA projection, which also lags behind the 24% average. Furthermore, Russia’s wheat production is estimated at 82.5 MMT, down 0.8 MMT from previous projections.
As of August 27, the Commitment of Traders report indicated that Chicago wheat speculators increased their net short positions by 3,217 contracts, totaling 56,202, while trimming back 3,482 contracts in KC wheat to a net short of 32,002 contracts. Closing prices for selected futures include: CBOT September at $5.32 ¾ (up 7 ¾ cents) and December at $5.51 ½ (up 2 ¾ cents); KCBT September at $5.52 ½ (up 7 cents) and December at $5.65 ¼ (up 4 ¾ cents); and MGEX September at $5.73 ¾ (up 11 ¼ cents) and December at $6.00 ½ (up 10 cents).
