All three US wheat markets were higher on Friday, although well off the intraday peaks. Chicago SRW futures settled 3 ¼ to 5 cents higher. Nearby September was up 1 ¾ cents for the week. Kansas City HRW contracts were UNCH to 2 ½ cents higher at the close. MPLS spring wheat futures went home for the weekend with gains of 2 ¼ to 4 ½ cents. 

The monthly WASDE report will be out on Monday, with the trade showing expectations for a slight increase to all wheat ending stocks from July at 859 mbu, up 3 mbu. That would likely come from an expected hike to production. 

This afternoon’s Commitment of Traders report showed speculative funds in Chicago SRW futures were net short 71,332 contracts as of August 6. That was 6,284 contracts less bearish than the previous week. KC HRW futures also revealed a slightly less bearish fund position, shrinking 4,154 contracts for the week to -36,308. 

France’s Ag Ministry cut the country crop estimate by 3.3 MMT to 26.3 MMT. FranceAgriMer also reported 88% of the country’s harvest now complete. The crop was rated at 48% gd/ex another 2% drop from the week prior.

Sep 24 CBOT Wheat  closed at $5.42 1/2, up 5 cents,

Dec 24 CBOT Wheat  closed at $5.65 3/4, up 4 1/4 cents,

Sep 24 KCBT Wheat  closed at $5.54, up 2 1/2 cents,

Dec 24 KCBT Wheat  closed at $5.70 1/2, up 1 3/4 cents,

Sep 24 MGEX Wheat  closed at $5.89 3/4, up 4 1/2 cents,

Dec 24 MGEX Wheat  closed at $6.08 1/2, up 3 1/4 cents,