Wheat Pulls Off Early Friday Lows, Still See Pressure to Close the Week
Wheat Pulls Off Early Friday Lows, Still See Pressure to Close the Week.
The wheat complex was under pressure for much of the session from money coming off the table into the weekend, though buyers pulled things off the lows. Chicago SRW contracts were down 12 to 18 1/4 cents in the front months at the close, with September slipping back 4 ¾ cents on the week. KC HRW futures were down 10 to 14 3/4 cents in the nearbys on the day, with September holding for a weekly gain of 13 cents. MPLS spring wheat fell back 10 to 15 ¾ cents, as front months Sep was 22 ½ cents higher this week.
Ukraine issued a proposal to keep vessels moving in the Black Sea, though there has been no formal agreement between the Ukraine and Russia.
Weekly Commitment of Traders data indicated managed money in CBT wheat futures and options slashing their net short by another 19,349 contracts in the week ending on July 21, taking it to 19,349 contracts. In KC wheat, they added another 12,450 contracts to their net long, now at 29,944 contracts.
Export Sales data from FAS has the new crop accumulated sales now at 6.68 MMT, which is down 26% from last year. That is 32% of the USDA export projection and lags the 37% 5-year average.
IKAR estimate the Russian wheat crop at 90 MMT in their latest projection, with 2026/27 exports seen at 44.5 MMT. The French wheat crop was estimated at 65% gd/ex in the latest FranceAgriMer update, though harvest was pegged at 99% complete.
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
Sinergia Empresarial continuará el seguimiento de esta información sobre wheat Pulls Off Early Friday Lows, Still See Pressure to Close the Week y ampliará la cobertura conforme se confirmen nuevos elementos relevantes para el ecosistema empresarial.
