The wheat complex is trading with gains across the three markets on Friday. Chicago SRW futures were up 5 3/4 to 7 3/4 cents higher to round out the week, with July down 18 ¾ cents from last Friday. KC HRW futures were 7 3/4 to 11 1/4 cents in the green on Friday, as July fell 18 ¾ cents on the week. MPLS spring wheat posted 4 ¾ to 7 ¼ cent gains at the close, with July falling 25 ½ cents this week.
CFTC data showed managed money flipping back to a net short position of 9,903 contracts in CBT wheat futures and options by a move of 20,567 contracts. In KC wheat futures and options, specs were adding another 7,245 contracts to their net long to 37,869 contracts.
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USDA’s Export Sales report has the total commitments for old crop wheat sales at 24.94 MMT, which is 15% larger yr/yr. That is 102% of the USDA estimate and near the 103% average sales pace. Actual shipments are 22.056 MMT, 90% of the USDA number and 1 percentage point behind normal.
Tuesday will see the release of the May WASDE, with old crop stocks down 8 mbu at 930 mbu according a Bloomberg survey. New crop data will also be released, with US stocks seen at 845 mbu and a range of 759 to 955 mbu.
The annual Kansas HRW wheat tour will take place next week.
May 26 CBOT Wheat closed at $6.07 1/2, up 5 3/4 cents,
Jul 26 CBOT Wheat closed at $6.19, up 6 3/4 cents,
May 26 KCBT Wheat closed at $6.72 1/2, up 17 3/4 cents,
Jul 26 KCBT Wheat closed at $6.75 3/4, up 8 1/2 cents,
May 26 MIAX Wheat closed at $6.70 3/4, up 5 1/2 cents,
Jul 26 MIAX Wheat closed at $6.79 1/2, up 4 3/4 cents,
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