Hard Red Wheat Futures PricesFri, Jul 22nd, 2016
Latest Brugler Hard Red Wheat Report
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Wheat futures finished with 7 to 10 3/4 cent gains in CHI and MPLS on Friday, and up 11 1/2 to 12 1/2 cents in KC. Prices were boosted due in part to concerns of the French wheat crop, as FranceAgriMer stated that only 42% of the unharvested French wheat crop was in good to excellent condition as of Monday. This was a 7 point week over week decline, and down from 76% at the same time last year. For the week, the front month SRW and HRW contracts were up 1/2 cent and 5 1/4 cents respectively. However, Sep16 HRS was down 1 1/2 cents from last Friday. This afternoon’s CFTC report showed that managed money held a net short position of 116,606 contracts in CHI as of Tuesday’s close, and a net short position of 19,906 contracts in KC. From Tuesday to Tuesday, the net short positions grew by 1,938 and 1,189 contracts respectively. Ukrainian wheat exports in 2016/17 are expected by UkrAgroConsult to fall to 13 MMT from the 2015/16 USDA figure of 17 MMT. The current USDA estimate for 2016/17 is 12.5 MMT. Russian wheat production is projected to reach 68 MMT this year by IKAR, up from their previous estimate of 66 MMT, and from the July USDA estimate of 65 MMT.
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