Wheat Prices Slip Back by 6-8 Cents on Monday Morning
The wheat market is experiencing a slight decline on Monday morning, with prices slipping back by 6 to 8 cents. This comes after a period of pressure from funds leaving the market over the weekend, but buyers managed to pull prices off their lows. In Chicago, SRW contracts were down 12 to 18 1/4 cents in the front months, while September's contract fell by 4 ¾ cents on the week.
In contrast, Kansas City HRW futures saw a more moderate decline of 10 to 14 3/4 cents in the nearbys, with September's contract still holding onto a weekly gain of 13 cents. MPLS spring wheat also saw a fall back of 10 to 15 ¾ cents, although front-month September contracts were up by 22 ½ cents last week.
The Commitment of Traders data revealed that managed money in CBT wheat futures and options reduced their net short position by another 17,449 contracts in the week ending July 21, leaving them with a net short of 19,349 contracts. However, in Kansas City wheat, they added 12,450 contracts to their net long, now totaling 29,944 contracts.