Chicago Board of Trade (CBOT) wheat futures firmed on Monday after the United States, Mexico and Canada said they have reached a trilateral deal to replace NAFTA. The United States and Canada forged a last-gasp deal on Sunday to salvage NAFTA as a trilateral pact with Mexico.
Gains were capped by ample US and global supplies. The US Department of Agriculture on Friday reported larger-than-expected US Sept. 1 wheat stocks. CBOT December soft red winter wheat settled up 1/2 cent at $5.09-1/2 per bushel. K.C. December hard red winter wheat ended 1/4 cent higher at $5.11-1/2 a bushel and Minneapolis December spring wheat ended up 5 cents at $5.77-1/2 a bushel.
The supplement to the US Commodity Futures Trading Commission's weekly commitments report showed large speculators slightly widened their net short position in CBOT wheat by about 500 contracts in the week to Sept. 25, to 37,993 lots. For K.C. hard red winter wheat, the CFTC's supplemental report showed large speculators pared their net long by almost 2,000 contracts, to 21,092 lots.