Wheat is starting off Monday trade with higher trade across the three markets. 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 last week. Open interest was down 4,146 contracts on Friday. KC HRW futures were 1 ½ to 6 cents lower on Friday, with the weekly gain at 46 cents. OI slipped 1,735 contracts. MPLS spring wheat was up 1 1/4 to 3 3/4 cents, with May up 41 ¾ cents on the week. 

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.

Following the weekend, forecasts from NOAA for the next week shows very little percip expected for much of western KS through the TX panhandle. Rain is still expected in parts of eastern KS, through southern IL and IN.

May 26 CBOT Wheat  closed at $5.91 1/4, down 7 1/4 cents, currently up 3 3/4 cents

Jul 26 CBOT Wheat  closed at $5.99 1/4, down 7 1/4 cents, currently up 3 3/4 cents

May 26 KCBT Wheat  closed at $6.36 3/4, down 6 cents, currently up 6 1/2 cents

Jul 26 KCBT Wheat  closed at $6.50, down 5 cents, currently up 6 cents

May 26 MIAX Wheat  closed at $6.53 1/4, up 1 1/2 cents, currently up 3 1/4 cents

Jul 26 MIAX Wheat  closed at $6.70 1/4, up 3 1/4 cents, currently up 2 cents