Wheat Gaps higher on Sunday Night

The wheat complex is posting sharply higher trade on Monday morning. CBT is up 44 to 50 ½ cents in the front months, with KC 41 to 50 cents higher. MPLS is also up 39 to 54 cents. They closed mixed on Friday, with Chicago closing slightly lower. KC HRW contracts were up 8 to 14 ¼ cents, with MGE spring wheat 7 to 11 cents higher. May futures expired on Friday. To round the week out, July contracts were up 6.22% for CBT, 9.53% in KC and 9.62% for MGE as India took steps to limit exports. This was incorrectly reported in the media as a ban, but Bangladesh has indicated they will not be restricted, Egypt has indicated they have been promised 500,000 MT, and India has confirmed that other sales with active letters of credit will be allowed to proceed. The above did not prevent wheat from gapping higher on Sunday night. 

US spring wheat planting is thought to have crawled forward to 41-45% complete vs. the 76% average pace. MN and ND have made little progress.   

Friday’s CFTC data indicated specs in Chicago wheat adding 4,641 contracts to their net long position as of Tuesday to 15,547 contracts. In KC, they increased their net long by 2,964 contracts to 42,913 contracts by 5/10.

Cash SRW Wheat  was $11.17 ¼ on Friday, down 3/4 cent,

Jul  SRW Wheat  closed at $11.77 1/2, down 1 1/4 cents, and are up 50 1/4 cents this morning

Cash HRW Wheat  was $12.34 1/8 on Friday, up 13 1/8 cents,

Jul  HRW Wheat  closed at $12.82, up 12 cents, and are up 50 cents this morning

Sep 22 MGEX Wheat  closed at $13.18 3/4, up 7 cents, and are up 43 1/4 cents this morning