Friday Wheat Price Decline Tries to Erase Weekly Gains

Wheat prices finished in the red on Friday across all three major exchanges, tempering weekly rallies. While Chicago SRW contracts ended slightly lower, MPLS spring wheat managed a 20-cent gain over the week despite a softer closing price.

The September contract in Chicago dropped as much as 1.25 cents on Friday but still finished the week up 6.75 cents. In Kansas City, HRW futures posted losses of up to 6 cents, though the September contract maintained a 2-cent weekly increase.

The CFTC's Commitment of Traders report for the week of August 18 shows managed money reduced their Chicago wheat net short position by 4,916 contracts. This leaves them with a net short of 26,485 contracts in KC wheat, investors expanded their net long position by 7,173 contracts.