Wheat Showing Modest Monday Morning Strength

Wheat is seeing modest strength early Monday, with gains of 2 to 5 cents across the market. The wheat complex was already in a rally mode as it closed out last week, finishing higher in all three exchanges. Chicago SRW futures were up 4 3/4 to 9 1/2 cents on the day for most contracts, and September rose 42 1/2 cents on the week, while preliminary open interest increased by 2,320 contracts. KC HRW climbed 10 1/2 to 15 3/4 cents, and September was up 56 cents on the week. Managed money reduced its net short by 25,527 contracts in the July 14 week to 36,798. Support also comes from continued buying tied to Black Sea disruptions from strikes, and USDA data show 2026/27 sales at 2.057 MMT as of July 9. French crop condition is steady, with harvest 92% complete by July 13.