Wheat is trading with Wednesday weakness, as contracts are having a delayed response to USDA’s added world production from Tuesday. Chicago SRW futures are down 6 to 8 cents in the nearbys. KC HRW futures are down 4 to 6 cents. There were 11 deliveries issued against December KC wheat overnight. MPLS spring wheat are down 4 to 5 cents.
A delayed Commitment of Traders report showed managed money trimming 4,520 contracts from their net short in CBT wheat to 70,613 contracts as of 11/4. In KC wheat, speculators were cutting 9,254 contracts from their net short to 42,454 contracts.
