Wheat Market Closes Lower on Friday Despite Some Recovery

The wheat market closed lower on Friday, but still managed to recover from its early lows. The Chicago Soft Red Winter (SRW) futures were down 1 to 3 ¾ cents on the day, with December contracts falling back 11 cents on the week.

The Kansas City Hard Red Winter (HRW) futures also saw weakness, trading 1 to 5 ¾ cents lower at the close. The December contracts dropped 21 ¾ cents since last Friday.

Meanwhile, Minneapolis spring wheat was down 6 ¾ to 8 ¾ cents, with December contracts down 27 ¾ cents this week.

Speculators in Chicago wheat futures and options increased their net short position by 8,968 contracts as of September 22, reaching a new net short of 13,144 contracts. Managed money in Kansas City wheat trimmed 4,015 contracts from their net long to 41,743 contracts.