Wheat futures saw fractional to 1 3/4 cent losses in most CBT contracts on Friday, as KC was 5 to 7 cents lower in most contracts. MPLS was the biggest loser, as it was down 22 to 29 1/4 cents in nearby contracts. Spec traders flipped their net position from long to short as of Tuesday in CBT futures and options. The net change was -26,291 contracts, as they now have an net short position of -14,101 contracts. Wheat prevented plant acres as of August 1, according to FSA data were down 65.52% from last year at 613,884 acres. Total spring wheat prevent plant acres for the 6 states were 237% larger than in August 2016 at 196,790 acres, but in a drought year the main issue is abandonment. The USDA lowered 17/18 US wheat yield 0.6 bpa to 45.6 bpa. Taiwan is seeking 98,850 MT of US wheat, with the tender to close on August 16. Russia’s IKAR analyst group updated their Russian wheat production number to 77-80 MMT from 74-77MMT, a day after the USDA increased their estimate to 77.5 MMT. In addition, SovEcon increased their estimate 5 MMT to 77.9 MMT.
Sep 17 CBOT Wheat closed at $4.39 1/4, down 1 1/4 cents,
Sep 17 KCBT Wheat closed at $4.41 1/4, down 7 cents,
Sep 17 MGEX Wheat closed at $6.74, down 29 1/4 cents