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Wheat Falling on Outside PressureWheat prices are trading with double digit losses across most contracts on Monday morning. The outside factors sharply lower on Monday, with S&P futures down more than 3%. Futures got some help from a sharply lower US dollar index on Friday, as contracts were up across the three exchanges. Chicago SRW futures were up 5 to 7 cents on the day. Kansas City HRW contracts were 5 to 6 cents higher. MPLS spring wheat was up 5 to 7 cents. Friday’s Commitment of Traders report shows managed money adding 2,432 contracts to their net short position in CBT wheat futures + options, at 77,616 contracts by July 30. The French wheat crop is estimated a 50% good to excellent according to the latest release from the FrenchAgriMer. Harvest was listed at 67% complete, up 26 percentage points from the 41% last week. The Russian wheat export tax has been dropped by 51% to 444.4 rubles/MT, as of August 7. Sep 24 CBOT Wheat closed at $5.39, up 7 cents, currently down 17 1/2 cents Dec 24 CBOT Wheat closed at $5.62 1/4, up 5 1/2 cents, currently down 16 cents Sep 24 KCBT Wheat closed at $5.59 3/4, up 5 1/4 cents, currently down 13 1/2 cents Dec 24 KCBT Wheat closed at $5.76 1/4, up 5 1/2 cents, currently down 13 1/4 cents Sep 24 MGEX Wheat closed at $5.95, up 6 1/2 cents, currently down 10 3/4 cents Dec 24 MGEX Wheat closed at $6.14 1/2, up 6 1/2 cents, currently down 9 3/4 cents On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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