The wheat complex is down hard to begin the new week, with all three exchanges losing double digits. They were fading off lower into last week’s close across all three exchanges. Chicago wheat posted 7 ¼ to 14 cent losses on the day, with July down 14 ¾ cents over the course of the week. KC contracts closed out Friday with contracts 9 ¼ to 12 ¾ cents lower, as July posted a weekly loss of 38 ¼ cents. MPLS spring wheat futures were down 5 ¼ to 11 ½ cents at the closing bell, as July slipped 39 cents since last Friday.

Fresh CFTC data from the Commitment of Traders report suggested specs adding back to their net short by 13,432 contracts to 45,116 as of Tuesday. In KC wheat, they increased their net short by 2,870 contracts to 16,408 contracts. 

French wheat ratings were 62% gd/ex, according to the FranceAgriMer firm. That is even with a week ago, but well below the 85% last year. Some rains are making their way back into the forecasts for major Russian wheat regions. Ukraine’s Ag Ministry raised their overall grain production estimate by 3.6 MMT to 56 MMT, with 21 MMT of that as wheat. 

Jul 24 CBOT Wheat  closed at $6.12 3/4, down 7 1/4 cents, currently down 18 1/2 cents

Sep 24 CBOT Wheat  closed at $6.28 1/2, down 9 1/4 cents, currently down 17 1/4 cents

Jul 24 KCBT Wheat  closed at $6.27 1/2, down 9 1/4 cents, currently down 17 1/4 cents

Sep 24 KCBT Wheat  closed at $6.36 1/4, down 11 1/4 cents, currently down 16 1/4 cents

Jul 24 MGEX Wheat  closed at $6.55 1/2, down 11 1/2 cents, currently down 9 3/4 cents

Sep 24 MGEX Wheat  closed at $6.66, down 10 3/4 cents, currently down 10 cents