Wheat
BRUG - Mon Aug 21, 7:27AM CDT

Wheat futures are mostly 1 to 2 cents lower the morning, with spring wheat futures 5 to 7 cents lower in Minneapolis. They saw fractional gains in most KC and CBT contracts on Friday, as their respective Sep contracts were down 6.06% and 5.29% since last Friday. MPLS was 1 1/2 to 2 3/4 cents lower on the day, with Sep down only 0.78% on the week. As of Tuesday, spec funds were reporting a net position of -34,236 contracts in Chicago wheat futures and options, 20,135 more bearish than the previous week. In KC wheat futures and options, they were shown to lower their net long position by 14,326 contracts to +34,609 contracts. BAGE lowered their Argentine wheat planting estimate to 13.22 million acres. Australia’s production is estimated at 22 MMT according to a private analyst, vs. the USDA’s 23.5 MMT.




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