Wheat May '11 (ZWK11)

Wheat bulls were feeling better heading into the weekend, as Friday posted a round of strength. Chicago contracts were up 11 to 19 ¼ cents across the board, with May getting thin and July up just a tick on the week. Kansas City futures were 6 ½ to 14 cents in the green across most contracts, as July was down 4 cents from last Friday. MPLS spring wheat futures were 4 ¾ to 8 ¼ cents higher, as July carried the load on the week, up 11 cents.

The 7-da QPF from NOAA shows very light precip totals in the western portion of the Plains over the next week. Parts of the middle and eastern Plains are expecting some precip totals, with SRW expecting anywhere from 1 to 3 inches.

CFTC Commitment of Traders data pegged spec funds in CBT wheat slashing 28,318 contracts from their net short position as of 4/30 at 47,886 contracts. That was the smallest net short since last July. In KC wheat, they cut a large 18,598 contracts from that net short position to 29,610 contracts as of Tuesday.... Read more