Wheat futures are starting August with modest declines of 1 to 4 cents across front months after a sharp sell-off last week. Chicago SRW contracts fell 18 ¼ to 24 ¼ cents on Friday, with September losing 38 ¾ cents for the week but still up 50 cents for July. KC HRW futures dropped 13 ¾ to 23 ¼ cents, leaving September down 37 ¾ cents on the week but 82 ¼ cents higher for the month. Managed money in CBT wheat futures and options slashed their net short by another 12,469 contracts in the week ending July 28, taking it to just 6,880 contracts, while in KC wheat they added 3,289 contracts to their net long, now at 33,233 contracts. A South Korean mill issued a tender to buy 50,000 metric tons of US wheat with a Tuesday deadline, and FranceAgriMer estimated the French soft wheat crop at 65% good to excellent as of July 27 with harvest complete.
KC HRW futures also declined, following the overall wheat market weakness.
Wheat futures start August with slight losses after last week's sharp sell-off, indicating continued bearish sentiment.