Wheat futures markets experienced weakness during the session, with the complex under pressure from profit-taking activity as traders closed positions before the weekend. Chicago SRW contracts closed down 12 to 18 1/4 cents in front-month contracts, while September contracts fell 4 3/4 cents on the week. Kansas City HRW futures declined 10 to 14 3/4 cents in nearby contracts for the day, though September maintained a weekly gain of 13 cents. Minneapolis spring wheat futures retreated 10 to 15 3/4 cents, after September had advanced 22 1/2 cents the previous week.
Commodity trader positioning data revealed that managed money participants reduced their net short position in Chicago Board of Trade wheat futures and options by 17,449 contracts in the week ending July 21, bringing the total short position to 19,349 contracts. In Kansas City wheat, managed money increased their net long position by 12,450 contracts, reaching 29,944 contracts.
Export sales figures showed new-crop accumulated sales at 6.68 million metric tons, representing a 26 percent decline from the prior year. The current sales level accounted for 32 percent of the USDA export projection and trailed the five-year average of 37 percent. International crop estimates indicated Russian wheat production at 90 million metric tons with projected 2026/27 exports at 44.5 million metric tons. The French wheat crop received an estimate of 65 percent good or excellent condition, with harvest reported as 99 percent complete.
Futures contract prices reflected the day’s weakness across exchanges. September CBOT wheat closed at $6.78, down 18 1/4 cents, and was currently down 6 cents. December CBOT wheat finished at $6.95 1/2, declining 18 1/4 cents with current weakness of 6 1/4 cents. September KCBT wheat closed at $7.45 1/4, down 14 1/2 cents and currently down 6 3/4 cents. December KCBT wheat ended at $7.61 1/2, off 14 1/4 cents with current declines of 7 1/4 cents.
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