The wheat complex was mixed across the three markets on Friday. Chicago SRW wheat was 3 to 4 cents higher on the day, with July falling back 43 cents this week. KC HRW contracts were steady to 2 cents lower, with the front month July losing 47 ¼ cents on the week. MPLS spring wheat was 1 to 3 cents in the green, as July was 30 ¾ cents lower since last Friday.
The weekly CFTC update showed spec funds in Chicago wheat futures and options at a net short of 64,667 contracts by Tuesday, a reduction of 16,686 contracts during that week. In Kansas City wheat, managed money cut back 18,689 contracts from their net short to 43,462 contracts by June 24th.
Traders surveyed by Bloomberg are looking for all wheat acreage to total 45.4 million acres on Monday, with spring wheat at 10 million acres and 2 million for durum. June 1 wheat stocks are seen at 836 mbu, which would be the final tally for 2024/25 wheat and a 5 mbu reduction from the June WASDE estimate.
Export Sales data has export commitments at 6.608 MMT as of June 19, which is a 5-year high. That is also 29% of USDA’s full year forecast and ahead of the 28% average.
South Korean mills purchased a total of 82,000 MT of US wheat in 2 tenders overnight.Canadian wheat acreage is estimated to total 26.925 million acres according to Statistics Canada data, which is up 1% from last Spring wheat is seen down 0.7% to 18.809 million acres, with Durum up 2.69% and winter wheat up 244,000 acres.
Jul 25 CBOT Wheat closed at $5.24 3/4, up 3 3/4 cents,
Sep 25 CBOT Wheat closed at $5.40 3/4, up 4 cents,
Jul 25 KCBT Wheat closed at $5.16, down 2 1/4 cents,
Sep 25 KCBT Wheat closed at $5.33 3/4, unch,
Jul 25 MGEX Wheat closed at $6.08, up 1 1/4 cents,
Sep 25 MGEX Wheat closed at $6.28, up 2 1/2 cents,
