Wheat futures opened the month of August with slight declines, with front-month contracts registering losses of 1 to 4 cents during early trading on Monday. The wheat complex had experienced broader losses heading into the weekend, with declines posted across all three major exchanges.
Chicago SRW wheat contracts closed down 18 ¼ to 24 ¼ cents, though September contracts remained 50 cents higher on the month despite falling 38 ¾ cents during the week. Open interest rose 6,703 contracts on Friday. Kansas City HRW futures declined 13 3/4 to 23 1/4 cents at the close, with September down 37 ¾ cents for the week but up 82 ¼ cents in July. Open interest in KC wheat slipped 492 contracts. Minneapolis spring wheat fell 11 to 21 ¾ cents on Friday, with September off 24 1/2 cents on the week.
Commodity position data showed managed money reducing net short positions in Chicago wheat futures and options by 12,469 contracts in the week ending July 28, bringing the total to 6,880 contracts net short. In Kansas City wheat, managed money added 3,289 contracts to their net long position, reaching 33,233 contracts.
On the supply side, a South Korean mill issued a tender to purchase 50,000 metric tons of US wheat with a Tuesday deadline. The French soft wheat crop was rated 65% good or excellent as of July 27 according to FranceAgriMer, with harvest operations reported as complete. Specific contract closings included December CBOT wheat at $6.57 1/2, down 24 cents, and December KCBT wheat at $7.23 3/4, down 23 cents.
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