Wheat Prices Slip Back Amid Weekend Pressure

The wheat market is experiencing a slight decline on Monday morning, with prices slipping back by 6 to 8 cents. This comes after a week of pressure from money being removed from the table over the weekend. However, buyers managed to pull the market off its lows.

Chicago SRW contracts were down 12 to 18 1/4 cents in the front months at the close, with September losing 4 ¾ cents on the week. In contrast, KC HRW futures were down 10 to 14 3/4 cents in the nearbys on the day, but managed to hold a weekly gain of 13 cents.

The MPLS spring wheat market fell back by 10 to 15 ¾ cents, with front months Sep increasing by 22 ½ cents last week. The Commitment of Traders data revealed that managed money in CBT wheat futures and options had slashed their net short by another 17,449 contracts in the week ending July 21.

Meanwhile, export sales have accumulated at 6.68 MMT so far, which is down 26% from last year's sales. This represents 32% of the USDA's export projection and lags behind the 37% 5-year average.