Time: 2024-08-19
Wheat futures were lower in overnight trading as Ukraine finishes its harvest , adding to global supplies . Farmers in the war - torn country harvested 21.7 million metric tons of wheat , Ukraine 's agriculture ministry said . The U.S. Department of Agriculture earlier this month had forecast the country 's output at 21.6 million metric tons . Producers in Ukraine last year collected 23 million tons of wheat , USDA said.
Investors on Aug. 13 held a net short position , or bets on lower prices , of 154,801 futures contracts in beans , the agency said . That 's down from 156,905 contracts seven days earlier and the smallest bearish position since July 2 . Investors raised their net shorts in corn to 253,047 futures contracts from 248,804 contracts a week earlier , CFTC said . In wheat , speculators reduced their net shorts in hard red winter futures to 33,276 contracts from 35,697 contracts seven days earlier , the government said . That 's the smallest such position since June 18.
World wheat production in the 2024 - 2025 marketing year is forecast by the agency at 798.3 million metric tons , up from 789.7 million tons a year earlier . Still , consumption also is expected to rise , surging to 804 million tons from 798.8 million tons . Ending stockpiles are now seen at 256.6 million tons , down from 262.4 million a year earlier , USDA said . A disappointing French crop is also underpinning prices . Farmers in France are expected to collect their smallest wheat crop in almost four decades as heavy rainfall throughout part of the growing season curbed production , according to FranceAgriMer.
Severe storms are possible in parts of central and western Nebraska this afternoon and evening , according to the National Weather Service . Large hail and intense winds are expected in the western Sandhills and Nebraska panhandle later today , the agency said . Storms are forecast each day through the middle of next week in the region , NWS said . Air quality alerts are in effect until midday in parts of north - central and northeastern Minnesota , the agency said . People with sensitivities to smoky air should remain indoors and reduce or eliminate activities altogether.
The weekly Commitment of Traders report from the Commodity Futures Trading Commission shows trader positions in futures markets . The report provides positions held by commercial traders , or those using futures to hedge their physical assets ; noncommercial traders , or money managers ( also called large speculators ) ; and nonreportables , or small speculators . A net - long position indicates more traders are betting on higher prices , while a net - short position means more are betting futures will decline.
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