Wheat futures continue to trade with losses early on Monday morning. The wheat market failed to join in on the corn and bean strength on Friday, with contracts falling lower. Chicago SRW futures posted Friday losses of 7 to 8 cents on the day, as July was down 21 ¼ cents last week. Friday’s preliminary open interest was up 8,957 contracts. There were 5 deliveries against May CBT wheat on Friday evening.  Kansas City HRW futures faced weakness, with contracts 7 to 8 cents lower and July falling 23 ¾ cents last week. Preliminary open interest was up 3,117 contracts, suggesting net new selling. Minneapolis spring wheat futures saw Friday losses of 6 to 8 cents and July 17 ½ cents in the red last week.

Commitment of Traders data showed spec funds cutting back their large net short position in CBT wheat as of May 6 by 7,681 contracts, taking it to 113,734 contracts. In KC wheat, they extended their record net short to 72,240 contracts, a move of -4,971 contracts as of Tuesday.

Wheat production data will be released via the Crop Production report this morning, with all wheat production seen at 1.885 billion bushels. Winter wheat is seen at 1.325 bbu, with HRW at 748 mbu, SRW at 342 mbu, and white winter at 234 mbu. Analysts expect to see old crop stocks at 850 mbu via the WASDE, a 4 mbu increase, with new crop seen at 863 mbu. For the world stocks, traders expect to see old crop carryout at 261 MMT, with the first release for new crop at 261.2 MMT. 

Jul 25 CBOT Wheat  closed at $5.21 3/4, down 7 1/2 cents, currently unch

Sep 25 CBOT Wheat  closed at $5.36 1/2, down 7 1/2 cents, currently down 1 cent

Jul 25 KCBT Wheat  closed at $5.17 1/2, down 7 1/4 cents, currently unch

Sep 25 KCBT Wheat  closed at $5.31 3/4, down 7 cents, currently unch

Jul 25 MGEX Wheat  closed at $5.93 1/2, down 7 1/4 cents, currently unch

Sep 25 MGEX Wheat  closed at $6.06 1/2, down 6 cents, currently down 3 cents