The wheat complex was in rally mode to round out the week. Chicago SRW futures posted 13 to 14 cent gains at the close, with March up 24 ¾ cents on the week. KC HRW futures were 6 to 9 cents higher on Friday, as March rallied 29 ¾ cents this week. MPLS spring wheat was 4 to 5 ½ cents in the green at the close, with the March rally at 15 ½ cents for the week.
Export sales data from this morning showed 287,974 MT of wheat sold in the week of 2/12. That was down 40.99% from last week and a 45.94% drop from the same week last year. The top buyer was Mexico at 59,000 MT, with 55,000 MT sold to the Philippines, and 46,200 MT to the Dominican Republic.
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Commitment of Traders data indicated spec funds slashing 17,618 contracts from their net short position in Chicago wheat in the week of 2/17, taking the total position to 68,037 contracts. In KC wheat, they trimmed 8,887 contracts from their net short to 10,609 contracts.
A majority of the US HRW area is expected to be drier in the next week, with a longer term 90 day CPC outlook from NOAA released on Thursday showing warmer temps in the southern and dryness through May.
French soft wheat ratings are pegged at 88% good/excellent according to FranceAgriMer, down 3 points from last week.
Mar 26 CBOT Wheat closed at $5.73 1/2, up 14 cents,
May 26 CBOT Wheat closed at $5.80 1/4, up 13 1/2 cents,
Mar 26 KCBT Wheat closed at $5.72 1/4, up 6 3/4 cents,
May 26 KCBT Wheat closed at $5.85 1/4, up 8 1/2 cents,
Mar 26 MIAX Wheat closed at $5.87 1/4, up 4 3/4 cents,
May 26 MIAX Wheat closed at $6.00, up 5 1/2 cents,
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