Wheat is slipping back 6 to 8 cents on Monday morning. The wheat complex was under pressure for much of the session from money coming off the table into the weekend, though buyers pulled things off the lows. Chicago SRW contracts were down 12 to 18 1/4 cents in the front months at the close, with September slipping back 4 ¾ cents on the week. KC HRW futures were down 10 to 14 3/4 cents in the nearbys on the day, with September holding for a weekly gain of 13 cents. MPLS spring wheat fell back 10 to 15 ¾ cents, as front months Sep was 22 ½ cents higher last week.
Weekly Commitment of Traders data indicated managed money in CBT wheat futures and options slashing their net short by another 17,449 contracts in the week ending on July 21, taking it to 19,349 contracts. In KC wheat, they added another 12,450 contracts to their net long, now at 29,944 contracts.
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