The wheat complex experienced gains on Friday, with Chicago SRW futures up to 5 cents higher. Notably, May contracts increased by 16 ¼ cents since last week, while KC HRW futures posted gains of ¾ to 4 ½ cents, with a weekly rise of 23 ½ cents for May. MPLS spring wheat showed mixed results, with Friday’s contracts fluctuating between a drop of 1 ¾ cents and an increase of 9 ¾ cents, ending the week with a 28 ½ cent rise for May.
According to the quarterly Flour Milling report from NASS, 222.4 million bushels of wheat were ground for flour from January through March, reflecting a decrease of 4.2 million bushels compared to the same period last year. CFTC data indicated that managed money in CBT wheat futures flipped to a net long of 10,664 contracts, increasing by 21,381 contracts. Weekly Export Sales reported total commitments at 24.859 MMT, marking a 15% increase over last year and aligning with 102% of the USDA export projection.
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