The wheat market retreated lower at the close of Friday and all three stock markets recorded losses. Chicago SRW futures were down 11 to 22 ¾ cents on the day, with July up 16 ¾ cents on the week. KC HRW futures posted losses of 12 to 19 1/2 cents across the board on Friday, with July still up 12 ¼ cents from last Friday. MPLS spring wheat closed Friday’s session with contacts falling between 7 1/2 and 17 1/4 cents, while July was still up 6 ¾ cents for the week.
Managed Money was busy increasing its net long position in CBT wheat futures and options by 9,120 contracts as of 5/12, primarily through new short positions, taking it to 19,023 contracts. In Kansas City wheat futures and options, hedge funds trimmed just 79 contracts from their net long position to 37,790 contracts.
More Barchart news
The Kansas Wheat Quality Tour concluded on Thursday, with an average yield of 38.9 bpa. That was the lowest average yield for the tour since 2023, and the second-lowest since 2018. Total production was 218 mbu, compared to 214 mbu for the USDA on Tuesday.
France’s wheat crop was rated 80% good/excellent as of May 11 by FranceAgriMer, even with the previous week’s durum wheat crop at 71%.
On September 26, CBOT wheat closed at $6.49 3/4, down 22 cents.
On December 26, CBOT wheat closed at $6.69 3/4, down 21 1/4 cents.
On September 26, KCBT Wheat closed at $6.97 1/2, down 18 1/2 cents.
On December 26, KCBT Wheat closed at $7.11 1/4, down 19 1/4 cents.
September 26 MIAX wheat closed at $7.06 3/4, down 17 1/4 cents.
On December 26, MIAX wheat closed at $7.25 1/2, down 16 3/4 cents.
As of the date of publication, Austin Schroeder had no (directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. This article was originally published on Barchart.com