On Friday, the wheat market experienced losses, with Chicago SRW futures dropping 1 to 2 cents and KC HRW futures also declining by 1 to 2 cents. MPLS spring wheat saw a larger decrease, falling 4 to 5 1/4 cents around midday.
The USDA announced details of the Farm Bridge Assistance program on Wednesday, revealing a wheat payment rate of $39.35 per acre. Additionally, upcoming USDA Export Sales data, set to release on Monday, is anticipated to show wheat sales ranging from 100,000 to 500,000 metric tons for the week of Christmas.
As of December 23, speculators held a net short position of 91,665 contracts in CBT wheat futures, a rise of 24,747 contracts for the week. Meanwhile, KC wheat managed money reported a net short of 24,749 contracts, decreasing by 964 contracts.
