Wheat futures finished the week with daily gains of mostly 7 1/2 to 12 1/2 cents on Friday. All exchanges saw positive gains on the week, with MPLS up 5.98%. KC and CBT were up 4.87% and 4.37% in their respective July contracts. Spec traders added 21,494 contracts to their net long position in KC wheat futures and options last week. In CBT futures and options, they reduced their net short position by 23,277 contracts. Thinly traded MPLS futures and options have 0 shorts in managed money for the second week in a row, as their net long position is 11,780 contracts. Winter wheat yields are all over the place. Some are “higher than expected” according to one southeast Kansas farmer, with producers in western KS claiming to have lost acres to Wheat Streak Mosaic. Keep in mind that expectations are muted due to known frost and snow damage. Exports for the 17/18 marketing year are expected to drop 3.3% yr/yr to 50.4 MMT for combined Russian, Ukraine, and Kazakhstan exports.
Jul 17 CBOT Wheat closed at $4.65 1/4, up 11 1/2 cents,
Jul 17 KCBT Wheat closed at $4.73 1/2, up 8 1/4 cents,
Jul 17 MGEX Wheat closed at $6.42 3/4, up 10 1/4 cents