Wheat Markets Steady to 4 Cents Lower Overnight

Wheat futures are 2 to 4 cents lower in the Chicago and KC contracts this morning after being firm to 1 cent higher on Friday in Chicago, with HRS and HRW steady to 2 cents lower. MPLS spring wheat is hovering around UNCH this morning. MPLS was down 0.67% last week. KC was down 1.27%, with CBT up 1.78% and widening the CBT-KC spread by another 14 cents 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%. Pre-report surveys show ideas that USDA world stocks for old crop wheat were be around 275.15 MMT, with new crop expected to rise to 286.46 MMT. Changes to the US balance sheet are expected to be minimal.

--provided by Brugler Marketing & Management

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