Wheat is feeling pressure from oil losses early on Tuesday morning with contracts down 2 to 7 cents. Crude oil is a pressure factor, down $3.85 from Friday, as the US and Iran were inching closer to a deal over the weekend, though there is nothing set as of this morning. The wheat complex pulled off the midday lows but still closed with losses on Friday across the three markets. Chicago SRW futures were steady to 1 3/4 cents in the red on the Friday session, as July was 10 ½ cents lower on the week. Open interest was up 3,098 contracts. KC HRW futures were 1 ¾ to 5 cents lower in most contracts, with July down 6 cents on the week. Open interest was up 4,578 contracts on Friday. MPLS spring wheat was fractionally to 6 cents in the red on Friday, with July slipping 4 ¼ cents last week.
Managed money was busy cutting back to their net long position in CBT wheat futures and options by 14,224 contracts as of 5/19, taking it to 4,799 contracts. In KC wheat futures and options, spec funds cut back 7,715 contracts from their net long to 30,075 contracts.
