Wheat is showing mixed trade on Monday morning, with the hard red contracts higher. The wheat complex posted double digit gains on Friday. Chicago SRW futures were up 10 to 15 1/4 cents on Friday, with May slipping 3 cents on the week. Open interest was up 1,234 on Friday. KC HRW futures closed 11 to 17 ¼ cents in the green on the day, as May was up 6 ½ cents from last Friday. OI suggested net new buying, up 3,167 contracts. MPLS spring wheat was 7 ½ to 11 ¼ cents higher as May was up just 2 1/2 cents on the week. Crude oil is down $1.76 this morning.

Commitment of Traders data from this afternoon showed managed money cutting 3,455 contracts to their net short position in CBT wheat futures and options, taking it to 22,345 contracts as of Tuesday. In KC wheat futures and options, specs were net long 9,425 contracts, an increase of 7,559 contracts wk/wk. In MPLS spring wheat, spec funds piled onto the long side by 12.027 contracts to a net long of 15,990 contracts.

USDA’s Export Sales data has wheat export commitments at 23.663 MMT, which is up 11% from last year. That is also 97% of the USDA export projection at 900 mbu and behind the 99% average sales pace. Shipment data is running ahead of schedule, at 18.894 MMT, which is 77% of USDA’s number vs. the 74% average pace.

South Korean importers purchased a total of 87,000 MT of wheat from the US in a tender on Friday. The French wheat crop was estimated at 84% good/excellent according the the FranceAgriMer, steady with the previous week.

May 26 CBOT Wheat  closed at $6.13 3/4, up 15 1/4 cents, currently down 4 3/4 cents

Jul 26 CBOT Wheat  closed at $6.24 1/2, up 15 cents, currently down 4 1/4 cents

May 26 KCBT Wheat  closed at $6.30, up 16 1/2 cents, currently up 3 1/4 cents

Jul 26 KCBT Wheat  closed at $6.43 3/4, up 16 1/2 cents, currently up 2 1/4 cents

May 26 MIAX Wheat  closed at $6.46 1/2, up 11 cents, currently up 1/4 cent

Jul 26 MIAX Wheat  closed at $6.59 1/4, up 11 cents, currently up 4 1/4 cents