The wheat market experienced gains on Friday, May 26, with Chicago SRW futures rising 5 3/4 to 7 3/4 cents, while July futures were down 18 ¾ cents from the previous week. Kansas City HRW futures gained between 7 3/4 and 11 1/4 cents, also reflecting an 18 ¾ cent decline for July futures this week. Minneapolis spring wheat posted gains of 4 ¾ to 7 ¼ cents, while July futures fell 25 ½ cents.
CFTC data indicates managed money has shifted to a net short position of 9,903 contracts in CBT wheat futures, reversing by 20,567 contracts. In contrast, KC wheat futures saw an increase of 7,245 contracts to reach a net long position of 37,869 contracts. USDA’s Export Sales report shows total commitments for old crop wheat sales at 24.94 million metric tons (MMT), 15% larger year-over-year and near the USDA estimate.
Looking ahead, the May WASDE report is scheduled for release on Tuesday, which is expected to show old crop stocks at 930 million bushels, down 8 million from previous estimates. The Kansas HRW wheat tour is set to take place next week.
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