Wheat futures are 3 to 4 cents lower in KC HRW futures and 3 to 4 cents higher in the MPLS spring wheat contract. Chicago SRW is caught in the middle, down 2 cents. KC and CBT were lower in most contracts on Friday, while MPLS was steady to 8 1/2 cents higher. The Sept KC HRW contract was down 5.43% on the week, as the MPLS and CBT Sept contracts were down 1.2% and 1.14%. In CBT wheat futures and options trading, spec traders added 26,682 contracts to their CFTC net long position, taking it to +44,685 contracts ahead of the USDA reports. Managed money added 18,185 contracts to their net long position in KC wheat futures and options. Their net long position was at 73,111 contracts last Tuesday. Argentina’s wheat harvest is 79.1% complete, according to the BAGE. They also lowered their planting acreage number to 13.34 million acres, from 13.59 million acres.

Market Commentary provided by:

Brugler Marketing & Management LLC
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