USDA’s Friday morning export sales report showed only 312,978 MT of wheat sold in the week of August 28, below expectations and the second lowest weekly sales of the marketing year. The largest buyer of US wheat that week was Nigeria with 117,100 MT (most of which was shifted from unknown destinations). Mexico purchased 90,400 MT, and the Philippines bought 65,800 MT. US FOB prices, which had been competitive in the world market, have recently moved closer to French and Russian FOB prices.

Commitment of Traders data showed that spec funds in Chicago wheat futures and options added 356 contracts to their net short position, bringing it to 81,943 contracts. In Kansas City wheat, spec funds increased their net short position by 6,000 contracts to 54,681 contracts as of September 2.