Wheat is starting off a new week with sharp losses on Monday. The wheat complex extended the move to 3-year highs for the winter wheats into the weekend. Chicago SRW contracts rallied 10 ½ to 24 ¼ cents across the board on Friday, with September 85 ½ cents higher on the week. Open interest was up 4,975 contracts on Friday. There were just 9 deliveries first notice day for Sep CBT wheat. KC HRW futures saw gains of 10 to 24 ¼ cents in the front months, as September was 71 ½ cents higher since last Friday. There were 143 delivery notices for September KC wheat on FND. MPLS spring wheat joined in on the rally, with contracts 8 ¼ to 12 ½ cents higher, as September was up 47 cents this week.
Over the weekend, Turkey was reportedly pushing for a Black Sea shipping corridor to help restore the flow of grains.
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