Wheat Holding Firm on Monday Morning

Wheat is starting off the week with modestly mixed trade, withing 2 cents of unchanged. The wheat complex was lower across the winter wheat contracts on Friday, with Spring wheat holding up. Chicago SRW futures were steady to 3 ½ cents lower on the day, with May up 17 cents last week. Open interest was down 6,980 contracts on Friday.  KC HRW futures were down 5 ¼ to 10 cents on the session, though May still held up 22 ¼ cents for the week. OI suggested modest long liquidation, down 10,416 contracts. MPLS spring wheat was 1 ½ to 4 ½ cents higher on Friday, with the weekly gain at 22 ¾ cents. Forecasts from NOAA’s 7 day QPF shifted some precip to parts of western KS and parts of OK/TX.

Managed money in CBT wheat futures and options added 3,451 contracts back to their net short position in the week of 4/21, taking it to 10,717 contracts. In KC wheat, they added 11,085 contracts to their net long position at 28,009 as of Tuesday.

Weekly Export Sales from Thursday has total export commitments at 24.67 MMT, which is 15% above the same time last year. That is 101% of the USDA export projection and near the 102% 5-year average.

Saudi Arabia purchased a total of 985,000 MT of wheat purchased in their tender overnight.

May 26 CBOT Wheat  closed at $6.08 1/4, down 2 1/2 cents, currently up 2 1/4 cents

Jul 26 CBOT Wheat  closed at $6.16 3/4, down 3 1/2 cents, currently up 1 1/2 cents

May 26 KCBT Wheat  closed at $6.59, down 7 3/4 cents, currently down 1 1/2 cents

Jul 26 KCBT Wheat  closed at $6.69 3/4, down 9 1/2 cents, currently down 1 1/4 cents

May 26 MIAX Wheat  closed at $6.76, up 1 1/2 cents, currently up 3/4 cents

Jul 26 MIAX Wheat  closed at $6.93 1/4, up 1 3/4 cents, currently up 1 3/4 cents