The wheat complex closed with winter wheat weakness, with spring wheat higher on Friday. Chicago SRW futures were steady in some deferreds to 7 1/4 cents lower in the front months, as May was still up 20 ¼ cents this week. KC HRW futures were 1 ½ to 6 cents lower on Friday, with the weekly gain at 46 cents. MPLS spring wheat was up 1 1/4 to 3 3/4 cents, with May up 41 ¾ cents. Crude oil fell $9.12 on the day following Iran agreeing to open the Strait of Hormuz this morning.
Commitment of Traders data showed money managers adding 1,633 contracts to their net short position in CBT wheat at 7,266 contracts as of Tuesday. In KC wheat futures and options, specs added 1,316 contracts to their net long to 16,924 contracts.
Export Sales data will from Thursday now has the total commitments for old crop wheat at 24.54 MMT, which is slightly above the USDA projection vs. the 102% average pace. Shipments are 20.69 MMT, which is 84% of USDA’s number and matches the average shipping pace.
The French soft wheat crop is estimated at 84% good to excellent according to the FranceAgriMer, steady with the ratings from the week prior. Durum was rated at 81% gd/ex.
The forecast from NOAA for the next week shows no percip expected for much of western KS through the TX panhandle. Rain is still expected in parts of eastern KS, through IL and IN mainly in the next couple days.
May 26 CBOT Wheat closed at $5.91 1/4, down 7 1/4 cents,
Jul 26 CBOT Wheat closed at $5.99 1/4, down 7 1/4 cents,
May 26 KCBT Wheat closed at $6.36 3/4, down 6 cents,
Jul 26 KCBT Wheat closed at $6.50, down 5 cents,
May 26 MIAX Wheat closed at $6.53 1/4, up 1 1/2 cents,
Jul 26 MIAX Wheat closed at $6.70 1/4, up 3 1/4 cents,
