The wheat complex posted losses across most contracts on Friday. Chicago SRW contracts were down 9 to 12 3/4 cents in the front months, with July 27 ½ cents lower on the week. KC HRW futures were 9 to 11 ¾ cents in the red on Friday, with the weekly loss for July at 33 cents. MPLS spring wheat was 8 ½ to 11 ¾ cents lower on the day, with the weekly mode of 47 ½ cents lower. 

CFTC data showed managed money adding 1,675 contracts to their net short position in the week ending on June 23, taking it to 71,206 contracts. In KC wheat futures and options, specs were flipping back to a net short of 1,285 contracts, a move of 8,905 contracts. 

All wheat acres are expected to be reported at 43.8 million acres in the annual June Acreage report on Tuesday. Spring wheat acres are seen at 9.5 million acres, with durum at 2 million acres in a Bloomberg survey of traders.

Export Sales data has wheat sales at 5.522 MMT, which is down 16% from last year. That is 26% of the USDA export projection and lags the 28% 5-year average.

FranceArgiMer estimates the French soft wheat crop at 74% in good/excellent conditions, down 2 percentage points from last week, with harvest listed at 7% complete. The durum crop was pegged at 58% gd/ex, down 6 points from the week prior, with 19% of the crop harvested. 

Jul 26 CBOT Wheat  closed at $5.78 1/4, down 12 3/4 cents,

Sep 26 CBOT Wheat  closed at $5.89 3/4, down 11 3/4 cents,

Jul 26 KCBT Wheat  closed at $6.11, down 9 1/2 cents,

Sep 26 KCBT Wheat  closed at $6.19 1/2, down 11 cents,

Jul 26 MIAX Wheat  closed at $5.76 1/2, down 11 3/4 cents,

Sep 26 MIAX Wheat  closed at $6.05 1/4, down 9 3/4 cents,

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