Wheat Prices Drop at Month-End as Gains From Previous Week Fade
On Monday, wheat prices experienced sharp losses after rallying to three-year highs over the previous week. Chicago SRW contracts rose by up to 24¼ cents on Friday with September gaining 85½ cents for the week. KC HRW and Minneapolis spring wheat also saw significant gains in their front-month contracts. Over the weekend, Turkey reportedly pushed for a Black Sea shipping corridor to restore grain flows. However, export sales data showed current marketing year wheat sales at 8.342 MMT—down 31% from last year—and behind USDA projections. Managed money traders reduced their net short position in CBT wheat by over 12,000 contracts. Despite the weekend gains, prices fell on Monday as nearby Chicago wheat dropped 13¾ cents and KC wheat declined similarly across key futures contracts.
Topics: futures trading market trends wheat