Chicago Wheat Finally Has a Reason to Rise
For months, the wheat markets had been under serious bearish pressure primarily due to Russia's nearly complete dominance of world export markets, but also the sheer lack of U.S. wheat exports. Finally, additional soft red winter wheat sales to China have been confirmed, with a new sale of 440,000 mt, or 16.1 mb, sold to China for 2023-24. As of November 28, the CFTC reported that managed money funds were carrying a large net short position of 124,000 contracts, with fund managers also short just under 50,000 contracts of KC wheat.
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