Wheat prices are experiencing modest losses in morning trade on Monday. Chicago SRW wheat was down 1 to 3.75 cents, with December futures falling 11 cents week-over-week. Kansas City HRW futures declined 1 to 5.75 cents, and December prices dropped 21.75 cents since last Friday. Managed money in KC wheat trimmed their net long position by 4,015 contracts, now holding 41,743 contracts, while spec funds in Chicago increased their net short position by 8,968 contracts, reaching a total of 13,144 contracts.
The USDA reports U.S. wheat sales commitments are at 9.449 million metric tons, a 31% decrease from last year, representing 45% of the USDA’s export projection. The NOAA forecasts 2 to 4 inches of rain over the next week across Texas to Nebraska, which may provide needed soil moisture but could also delay planting progress.
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