The wheat complex experienced significant losses on Friday, June 23, with Chicago SRW contracts down 9 to 12.75 cents, and KC HRW futures declining 9 to 11.75 cents. Notably, July contracts for Chicago SRW closed at $5.78 ¼, a reduction of 12.75 cents, while July KC wheat closed at $6.11, down 9.5 cents. Weekly losses for July were reported at 27.5 cents for Chicago and 33 cents for KC.
According to CFTC data, managed money increased their net short position by 1,675 contracts, totaling 71,206 contracts. In related markets, wheat sales reached 5.522 million metric tons, down 16% from the previous year, representing 26% of the USDA export projection.
In the upcoming June Acreage report, all wheat acres are projected at 43.8 million acres, with spring wheat at 9.5 million acres and durum at 2 million acres. Meanwhile, FranceArgiMer estimates that 74% of the French soft wheat crop is in good to excellent condition, a slight decline from last week, with the harvest currently 7% complete.
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