The wheat complex is trading with gains across the three markets on Friday. Chicago SRW futures were up 5 3/4 to 7 3/4 cents higher to round out the week, with July down 18 ¾ cents from last Friday. KC HRW futures were 7 3/4 to 11 1/4 cents in the green on Friday, as July fell 18 ¾ cents on the week. MPLS spring wheat posted 4 ¾ to 7 ¼ cent gains at the close, with July falling 25 ½ cents this week. 

CFTC data showed managed money flipping back to a net short position of 9,903 contracts in CBT wheat futures and options by a move of 20,567 contracts. In KC wheat futures and options, specs were adding another 7,245 contracts to their net long to 37,869 contracts.

USDA’s Export Sales report has the total commitments for old crop wheat sales at 24.94 MMT, which is 15% larger yr/yr. That is 102% of the USDA estimate and near the 103% average sales pace. Actual shipments are 22.056 MMT, 90% of the USDA number and 1 percentage point behind normal.

Tuesday will see the release of the May WASDE, with old crop stocks down 8 mbu at 930 mbu according a Bloomberg survey. New crop data will also be released, with US stocks seen at 845 mbu and a range of 759 to 955 mbu.

The annual Kansas HRW wheat tour will take place next week.

May 26 CBOT Wheat  closed at $6.07 1/2, up 5 3/4 cents,

Jul 26 CBOT Wheat  closed at $6.19, up 6 3/4 cents,

May 26 KCBT Wheat  closed at $6.72 1/2, up 17 3/4 cents,

Jul 26 KCBT Wheat  closed at $6.75 3/4, up 8 1/2 cents,

May 26 MIAX Wheat  closed at $6.70 3/4, up 5 1/2 cents,

Jul 26 MIAX Wheat  closed at $6.79 1/2, up 4 3/4 cents,