Wheat Markets Mixed After Strong Export News

Wheat futures are fractionally mixed this morning, with KC HRW leaning to the bear side and the other two US classes leaning to the bull side. They ended last week mixed. Chicago wheat saw a 0.67% gain over the week and closed up 1 3/4 on Friday while Kansas City wheat lost 0.43% through the week and closed down 1 3/4 cents. MPLS wheat’s weekly change was -2.10%, but closed Friday $0.065 higher. Census data showed August wheat exports at a 3-year high 2.57 MMT, which is 94.46 mbu. In the weekly CFTC report the spec funds were net short 32,780 contracts in the KC HRW contracts. MPLS wheat saw a 12,445 contract net short on Tuesday, down 7,084 contracts from the previous week. ---provided by Brugler Marketing & Management

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