Wheat Contracts Rally Up to 13 Cents as CBT and KC Markets Recover

The wheat market experienced a significant rally on Monday morning, with contracts ranging from 7 to 13 cents higher. This comes after a red week across all three exchanges for the wheat complex.

CBT Chicago SRW contracts were only fractionally lower on Friday, but managed to post a 6 ¾ cent gain on the week. Meanwhile, KC HRW futures took losses of 1 ¾ to 6 cents on the session, although September's contract still managed to hold onto its 2 cent gain for the week.

The CFTC's Commitment of Traders report showed a reduction in managed money's net short position in CBT wheat by 4,916 contracts from the previous week. However, they did add back 7,173 contracts to their net long position in KC wheat.