Key Moments
- Chicago, Kansas City, and Minneapolis wheat futures prices were lower, with front-month contracts giving back recent gains.
- Managed money cut its net short position in CBT wheat futures and options and expanded its net long in KC wheat.
- New crop U.S. wheat export sales reached 6.68 MMT, representing 32% of USDA’s export projection and trailing the 5-year average.
Early Monday Trading Sees Wheat Pull Back
Wheat futures were weaker early Monday, easing between 6 and 8 cents as the market extended last session’s softer tone. The complex had come under pressure for much of the prior session as traders took profits ahead of the weekend, though buying interest limited losses off the intraday lows.
Chicago SRW contracts finished the previous session 12 to 18 1/4 cents lower in the front months, with September ending the week 4 3/4 cents below its prior Friday close. Kansas City HRW futures declined 10 to 14 3/4 cents in nearby contracts on the day, while September still posted a 13-cent weekly advance. Minneapolis spring wheat contracts fell 10 to 15 3/4 cents, with front-month September remaining 22 1/2 cents higher on the week.
Positioning Shifts in Managed Money
Weekly Commitment of Traders data for the week ending on July 21 showed notable changes in speculative positioning. Managed money in CBT wheat futures and options reduced its net short by 17,449 contracts, bringing the net short down to 19,349 contracts. In KC wheat, managed money extended its bullish stance, adding 12,450 contracts to its net long, which rose to 29,944 contracts.
Export Sales Trail Prior Year and Historical Pace
Export Sales figures from FAS showed new crop accumulated wheat sales at 6.68 MMT, 26% below the same point a year earlier. These bookings account for 32% of USDA’s export projection and remain behind the 5-year average pace of 37%.
Global Crop Updates
IKAR’s latest outlook put the Russian wheat crop at 90 MMT, with 2026/27 exports projected at 44.5 MMT. In Europe, FranceAgriMer estimated the French wheat crop at 65% good-to-excellent, with harvest reported at 99% complete.
Wheat Futures Snapshot
| Contract | Last Close | Change on Day | Current Move |
|---|---|---|---|
| Sep 26 CBOT Wheat | $6.78 | down 18 1/4 cents | currently down 6 cents |
| Dec 26 CBOT Wheat | $6.95 1/2 | down 18 1/4 cents | currently down 6 1/4 cents |
| Sep 26 KCBT Wheat | $7.45 1/4 | down 14 1/2 cents | currently down 6 3/4 cents |
| Dec 26 KCBT Wheat | $7.61 1/2 | down 14 1/4 cents | currently down 7 1/4 cents |
| Sep 26 MIAX Wheat | $7.14 1/4 | down 15 3/4 cents | currently down 6 1/2 cents |
| Dec 26 MIAX Wheat | $7.38 3/4 | down 15 1/4 cents | currently down 8 1/4 cents |
Disclosure
On the date of publication, Austin Schroeder 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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