Wheat futures are as much as 20 cents per bushel lower across the 3 US markets. French Milling Wheat Futures kicked off the bear parade overnight. Chicago July futures have closed lower for 8 consecutive sessions and are working on another.  Preliminary open interest showed long liquidation on Friday, down 16,106 contracts. CBT wheat is 15 to 19 cents per bushel lower.  KC HRW is down 20 to 22 cents at midday. MPLS spring wheat prices are lower by 15 to 17 cents.  

Friday afternoon’s Commitment of Traders report showed the spec funds were increasing their net short position in CBT wheat futures and options during the week ending June 4. They added a net 6,253 contracts and were net short 31,684 on that date. 

This morning’s Export Inspections report showed wheat shipments of 352,202 MT for the first week of the new marketing year.

For Wednesday’s USDA Crop Production report, the average trade estimate for All Wheat in a Reuters survey was 1.88 billion bushels.  That would be up from 1.858 billion in the USDA May report. According to three different surveys, a number of analysts are expecting production increases for all three winter wheat classes. Trade ideas for wheat ending stocks are UNCH for old crop at 688 million and 778 million for new crop. 

A limited sample of traders expects USDA will show winter wheat harvest 12% completed, with a wide range of 9% to 19% among those responding.  The bias is for a slight contra-seasonal improvement in the crop condition ratings vs. last week. 

Jul 24 CBOT Wheat  is at $6.10 1/4, down 17 1/4 cents,

Sep 24 CBOT Wheat  is at $6.34 1/4, down 15 cents,

Jul 24 KCBT Wheat  is at $6.45 3/4, down 20 cents,

Sep 24 KCBT Wheat  is at $6.58 3/4, down 20 1/4 cents,

Jul 24 MGEX Wheat  is at $6.78, down 16 1/2 cents,

Sep 24 MGEX Wheat  is at $6.87, down 16 1/2 cents,