After a week of fading, domestic wheat futures bounced back into the weekend. CBT prices were 19 1/2 to 37 cents stronger, which limited the week’s pullback for May to $1.02. HRW futures were also firmer on the last trade day of the week, going home 23 1/2 to 26 3/4 cents in the black. New crop July was 93 1/2 cents weaker from Friday to Friday. MGE spring wheat closed 9 cents weaker in the March contract, but 15 1/4 to 26 1/2 cents higher in the other nearbys. Sep contracts were 32 1/4 lower for the week.
The weekly CFTC report showed Chicago wheat specs were closing shorts and adding longs through the week that ended 3/8. That flipped the group from a 7,036 contract net short to a 20,208 contract net long. In KC wheat, managed money firms were reducing exposure for a 775 contract weaker net long of 44,706 contracts. Spring wheat specs were 12,914 contracts net long on 3/8. That was 2,312 contracts more wk/wk on reduced OI.
May 22 CBOT Wheat closed at $11.06 1/2, up 19 1/2 cents,
Cash SRW Wheat was $9.96 1/1, up 68 1/4 cents,
May 22 KCBT Wheat closed at $10.89 1/4, up 23 1/2 cents,
Cash HRW Wheat was $10.10 5/8, up 22 1/2 cents,
May 22 MGEX Wheat closed at $10.70 1/4, up 15 1/4 cents,
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