Wheat is trading with double digit losses so far on Monday morning trade. The wheat complex slipped lower into the weekend. Chicago SRW contracts closed with 2 ¼ to 3 ¼ cent losses, as July was up 4 ½ cents for the week. Open interest dropped 7,991 contracts on Friday, mainly in July (16,186). KC HRW futures saw fractional to 3 3/4 cent lower trade at the close, with July 13 ¾ cents higher last week. OI slipped 5,690 contracts on Friday. MPLS spring wheat posted 1 ¼ to 8 ½ cent losses on Friday, with July down 1 ¼ cents over the course of the week. Crude oil is down $4.65 this morning and adding pressure after the US and Iran have reportedly come to a peace deal over the weekend.
Commitment of Traders data showed managed money liquidating more length in the Chicago market, dropping the outright longs by 16,852 contracts and increasing the shorts by 4,684 contracts. The net short was increased by 21,536 contracts to 79,407 contracts as of Tuesday. In KC wheat, spec funds flipped their position to a net short of 4,543 contracts, by a bear move of 18,020 contracts.
