Wheat Falls Back on Friday

The wheat complex pulled off the midday lows but still closed with losses on Friday across the three markets. Chicago SRW futures were steady to 1 3/4 cents in the red on the Friday session, as July was 10 ½ cents lower on the week. KC HRW futures were 1 ¾ to 5 cents in most contracts, with July down 6 cents since last Friday. MPLS spring wheat was fractionally to 6 cents in the red on Friday, with July slipping 4 ¼ cents this week. The CBoT will be closed on Monday for Memorial Day, with the Tuesday session showing a normal open.

Managed money was busy cutting back to their net long position in CBT wheat futures and options by 14,224 contracts as of 5/19, taking it to 4,799 contracts. In KC wheat futures and options, spec funds cut back 7,715 contracts from their net long to 30,075 contracts.

Export Sales data has old crop wheat commitments at 25.241 MMT, which is up 16% from last year. That is also 102% of the USDA forecast and lagging the 103% average sales pace. New crop business has totaled 2.029 MMT, so far, which is down 51.45% from the same week last year

The French soft wheat crop is estimated at 80% in good/excellent conditions according to the FranceAgriMer, steady with the week prior. Durum was rated at 71% gd/ex.

Late on Thursday, Argentina cut their wheat export tax from 7.5% to 5.5%.

Jul 26 CBOT Wheat  closed at $6.46 1/4, down 1 1/4 cents,

Sep 26 CBOT Wheat  closed at $6.59 1/4, down 1 3/4 cents,

Jul 26 KCBT Wheat  closed at $6.82, down 5 cents,

Sep 26 KCBT Wheat  closed at $6.93 1/4, down 4 1/2 cents,

Jul 26 MIAX Wheat  closed at $6.90 1/2, down 3/4 cent,

Sep 26 MIAX Wheat  closed at $7.10 1/4, down 3/4 cent,