Wheat trading dropped on Monday morning following a mixed close on Friday. Chicago SRW and KC HRW futures posted gains, with Chicago May closing at $6.24 ½ and KC May at $6.82 ½, gaining 16 ¼ and 23 ½ cents respectively over the week. Additionally, 138 delivery notices were issued for May CBT wheat, and 36 for May KC wheat.
The quarterly Flour Milling report from NASS reported that 222.4 million bushels of wheat were ground for flour from January to March, a decrease of 4.2 million bushels from the previous year. CFTC data revealed that managed money returned to a net long position of 10,664 contracts in CBT wheat futures, increasing by 21,381 contracts, while net long positions in KC wheat rose by 2,615 contracts to 30,624.
Weekly export sales stood at 24.859 million metric tons, 15% higher than the prior year and exceeding the USDA’s export projections. This marks 102% of the USDA’s expected exports and aligns with the five-year average.
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