On Friday, the wheat market experienced significant declines, with Chicago SRW futures decreasing by 12 to 13.5 cents, while May fell 18.5 cents. Kansas City HRW futures dropped 21 to 21.5 cents, with May down 23.75 cents for the week. Minneapolis spring wheat futures fell 10.75 to 15.75 cents, as May slid 17.5 cents from the previous Friday.
As of Tuesday, CFTC data revealed a reduction of 9,643 contracts in the CBT wheat spec net short position, bringing the total net short to 12,702 contracts. In Kansas City wheat futures and options, managed money raised their net long by 1,301 contracts to 10,729 contracts. USDA’s Export Sales data indicated wheat export commitments reached 23.853 million metric tons (MMT), a 14% increase from the previous year, with current shipments at 19.279 MMT, representing 78% of USDA’s target.
FranceAgriMer reported that 84% of the country’s wheat crop is rated good/excellent, remaining steady from the prior week, while durum ratings stayed at 81%.
