Spring Wheat May '23 (MWK23)
Spring Wheat Futures Market News and Commentary
The wheat complex closed Friday with most exchanges higher. Chicago SRW futures saw steady to 5 cent higher trade, as May was 16 ¼ cents in the green since last Friday. KC HRW futures posted ¾ to 4 ½ cent gains, as May rallied 23 ½ cents on the week. MPLS spring wheat was mixed, with contracts down 1 ¾ to 9 ¾ cents higher on Friday, as May was 28 ½ cents higher over the week.
The quarterly Flour Milling report from NASS showed a total of 222.4 million bushels of wheat ground for flour in January through March, a 4.2 mbu drop from the same period last year.Â
CFTC data from Friday showed managed money in CBT wheat futures and options flipping back to a net long of 10,664 contracts as of Tuesday, a move of 21,381 contracts to the long side. In KC wheat, spec traders were busy increasing their net long by 2,615 contracts to 30,624 contracts.
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