Wheat Mixed on Friday, with CBT-KC Spread Widening

Wheat futures saw firm to 1 cent gains in CBT, with HRS and HRW steady to 2 cents lower. On the week, MPLS was down 0.67%. KC was down 1.27%, with CBT (up 1.78%) widening the CBT-KC spread by another 14 cents this week to 83 cents. The Commitment of Traders report showed specs backing off their net long position in CBT wheat futures and options to a net long 6,219 contracts. In KC wheat they added to their net short position at 20,748 contracts as of Tuesday. They also held a record net short position in MPLS wheat on that date of -17,249 contracts. As of August 1, US total wheat export commitments are 36 % of the USDA projected total, with the 5-year average at 41%. USDA estimates world stocks for old crop wheat at 275.15 MMT, with new crop expected to rise to 286.46 MMT. SovEcon lower its estimates for the Russian wheat harvest to 74.4 mmt, down .7 mmt.

SEP 19 CBOT Wheat closed at $4.99 1/2, up 1 cent,

SEP 19 KCBT Wheat closed at $4.17, down 1 1/2 cents,

SEP 19 MGEX Wheat closed at $5.19 3/4, down 3/4 cent

--provided by Brugler Marketing & Management




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