The wheat complex was in near free fall mode heading into the weekend, with losses across the three exchanges. Chicago SRW futures were down 13 to 15 cents. Kansas City HRW contracts were 16 cents lower in the front months as they hit fresh multi-year lows.  MPLS spring wheat was down another 12 to 15 cents. 

Spec funds in CBT wheat were trimming just 702 contracts from their net short as of July 23 to 75,184 contracts. In KC futures and options, they peeled back 3,030 contracts from their net short to 40,866 contracts.

Export Sales data shows that exporters are sold on 36% of the USDA export projection for the 2024/25 marketing year via both shipped and unshipped sales. We’d normally be sold on 37% of the export forecast. 

Taiwan wheat mill importers purchased 105,650 MT of US wheat in a tender on Friday. The FranceAgriMer pegged the country’s wheat harvest at 41% complete, up from 14% the week prior but still behind average. Conditions were down 2% to 50% gd/ex. SovEcon raised their projection for the Russian wheat crop again, this time by 0.5 MMT to 84.7 MMT.

Sep 24 CBOT Wheat  closed at $5.23 1/2, down 14 1/4 cents,

Dec 24 CBOT Wheat  closed at $5.48 1/2, down 14 cents,

Sep 24 KCBT Wheat  closed at $5.45 1/2, down 16 cents,

Dec 24 KCBT Wheat  closed at $5.62, down 16 cents,

Sep 24 MGEX Wheat  closed at $5.88 1/2, down 15 1/4 cents,

Dec 24 MGEX Wheat  closed at $6.07 1/2, down 14 1/2 cents,