Wheat futures experienced declines on Monday, with Chicago SRW down 4 to 5 cents, closing at $5.29 1/4. KC HRW futures also fell by the same margin, with March losing 13 ¼ cents over the past week to close at $5.18. MPLS spring wheat was slightly lower, closing at $5.76 3/4, down 1/2 cent. Open interest rose, with Chicago SRW up 1,680 contracts and KC HRW increasing by 3,304 contracts on Friday.
Export sales data for the week ending November 20 is anticipated to show between 300,000 and 750,000 metric tons in wheat sales. Additionally, as of November 18, spec funds reduced their net short position in Chicago wheat futures by 10,070 contracts to a total of 48,691 contracts.
