Wheat Market Mixed on Friday as KC Futures Fall

The wheat market had a mixed day on Friday, with Kansas City (KC) futures leading the way to the downside. Chicago Soft Red Winter (SRW) contracts were steady to higher, while the deferred contracts showed more strength, closing 20 ¼ cents lower for December compared to last week.

Kansas City Hard Red Winter (HRW) futures were also down on Friday, with some contracts settling as much as 3 ¼ cents lower. The December contract for KC HRW futures fell by 26 ¾ cents on the week.

The Minneapolis spring wheat market was mixed, with some contracts closing higher and others lower. However, the overall trend was downward, with December slipping back 15 ½ cents for the week.

The Commitment of Traders data from the CFTC showed managed money increasing their net short position in Chicago wheat futures by adding 8,526 contracts, bringing it to 21,670 contracts as of Tuesday. In contrast, Kansas City wheat futures saw a reduction in the net long position, with 11,033 contracts cut back to just 30,710 contracts as of September 29th.