Wheat Futures Rally on Friday

July SRW wheat saw a wide 20 cent range on Friday from -8 to +12 cents. At the close the board was 8 to 9 cents higher with July at a net 3c gain for the week. Front month HRW futures ended the session 9 1/2 to 9 3/4 cents higher which left July at a net 7c loss for the week. Spring wheat also rallied on Friday to limit the week’s net loss. Futures settled up by 12 to 18 3/4 cents on the day, with July down a net 10 1/4 cents for the week. 

CFTC’s weekly CoT update had CBT wheat spec traders at a 126,998 contract net short on 5/30. That was an 8,210 contract stronger net short through the week. The funds were shown closing longs in KC wheat through the week, that left the group at a 9,628 contract net long. MPLS spec traders were 7,703 contracts net short on 5/30. That was a 1,301 contract stronger net short also fueled by long liquidation. 

The weekly wheat export sales report had old crop cancelations of 210k MT. That was a MY low led by 8.2k MT sold to Thailand and 41k MT cancelations to each Mexico and Ecuador. Total wheat commitments were at 684.6 mbu as of 5/25, which is 88.3% of the forecast with 1 week left in the season. Of that, 649.3 mbu have been exported according to the weekly update. New crop sales were shown at 466k MT, bringing the forward book to 2.674 MMT. The May WASDE had 23/24 exports reaching 19.7 MMT. 

Jul 23 CBOT Wheat  closed at $6.19, up 8 1/4 cents,

Sep 23 CBOT Wheat  closed at $6.32 1/4, up 8 cents,

Cash SRW Wheat  was $5.68 1/4, up 8 3/4 cents,

Jul 23 KCBT Wheat  closed at $8.12 1/4, up 9 3/4 cents,

Cash HRW Wheat  was $7.73 1/2, up 8 3/8 cents,

Jul 23 MGEX Wheat  closed at $8.07 3/4, up 18 3/4 cents,