The National Weather Service’s 8-14 Day Precipitation Outlook provided by the National Oceanic and Atmospheric Administration (NOAA), says there is an above-normal probability for precipitation across most of the United States. And according to weather forecasting, more moisture is on the way. received a good dousing of rain over the last several days. Rain brings relief to drought-stricken crop conditionsĭespite a volatile session to start the week on Monday amid political turbulence in Russia-a top wheat exporter-prices are now cratering after wheat-planting states in the U.S. If prices resume the uptrend, it could force more shorts to cover as the net position among speculators remains tilted to the short side. That likely helped fuel the upside last week, as those traders had to buy back their positions. COT data shows speculators culled short betsįriday’s Commitments of Traders Report (COT) from the Commodities and Futures Trading Commission (CFTC) showed that speculators (managed money) scaled out (-27k) of their short bets on wheat prices (soft red winter-SRW). Despite Tuesday’s decline, front-month wheat futures remain on track to close out June with the biggest monthly gain since February 2022, when Russia's incursion into Ukraine sent grain prices soaring.
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