The wheat market experienced significant gains on Friday, with Chicago SRW futures rising between 10 and 15 1/4 cents. The May contract closed at $6.13 3/4, up 15 1/4 cents, although it slipped 3 cents over the week. Meanwhile, KC HRW futures increased by 11 to 17 ¼ cents, with the May contract reaching $6.30, marking an overall rise of 6 ½ cents from the previous week. MPLS spring wheat also saw gains of 7 ½ to 11 ¼ cents, closing at $6.46 1/2 for May, which was up 2 1/2 cents week-over-week.
As of Tuesday, managed money reduced their net short position in CBT wheat futures to 22,345 contracts, marking a decrease of 3,455 contracts. In contrast, speculators in KC wheat turned net long at 9,425 contracts, a week-over-week increase, and in MPLS spring wheat, they raised their position to a net long of 15,990 contracts after adding 12.027 contracts.
USDA’s Export Sales for wheat indicated commitments at 23.663 MMT, an 11% increase from last year, equating to 97% of the USDA’s export projection of 900 million bushels. Current shipments stand at 18.894 MMT, or 77% of USDA’s forecast, which is ahead of the typical pace. Additionally, South Korean importers procured 50,000 MT of U.S. wheat overnight, while the French crop condition is reported at 84% good/excellent.
