Wheat Sees Profit Taking Ahead of the Weekend

Wheat futures closed Friday with CBT contracts 1-2 cents lower, following a bout of profit taking after July was up 9.48% this week. KC slipped from the highs but was firm to 3 1/2 cents higher, with front month July 8.59% in the green on the week. MPLS was steady to 2 cents higher, with a 2.08% rise since last Friday. Spec traders in KC wheat futures and options trimmed back last week’s record net short position by 2,442 contracts, showing a net position of 56,424 as of Tuesday. Total unshipped old crop US wheat sales now total 3.517 MMT, with just 3 reporting weeks left in the MY, as total commitments are up 8.8% from last year. Those export commitments are 103% of the updated USDA full year projection, with 105% the average at this time.

Jul 19 CBOT Wheat closed at $4.65, down 2 cents,

Jul 19 KCBT Wheat closed at $4.20 1/4, up 3 1/2 cents,

Jul 19 MGEX Wheat closed at $5.27 3/4, up 1 cent

--provided by Brugler Marketing & Management




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