The wheat market experienced losses on Friday, with Chicago SRW futures down 10.5 cents for the week, closing at $6.46 1/4. KC HRW futures declined 6 cents over the week, ending at $6.82, while MPLS spring wheat fell by up to 6 cents, with July closing at $6.90 1/2. Managed money reduced their net long positions in CBT wheat by 14,224 contracts, leaving it at 4,799 contracts, and cut back 7,715 contracts in KC wheat, now at 30,075 contracts as of May 19.
Export sales data indicates old crop wheat commitments reached 25.241 million metric tons (MMT), marking a 16% increase from last year and representing 102% of USDA forecasts. In contrast, new crop business totaled 2.029 MMT, down 51.45% from the same week in the previous year. Additionally, 80% of the French soft wheat crop is reported to be in good/excellent condition, with durum at 71%. Late Thursday, Argentina reduced its wheat export tax from 7.5% to 5.5%. The Chicago Board of Trade will be closed on Monday for Memorial Day, with normal operations resuming on Tuesday.
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