Wheat Closed Mixed on Friday
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The midday wheat recovery faded, leaving the complex mixed for the weekend. CBT futures held on to 3 3/4 to 5 3/4 cent gains, with May expiring at $7.27 1/4 per bushel. HRW futures ended fractionally lower. May HRW closed at $5.61 3/4. MGE wheat futures were also fractionally lower in the front months, and May rolled off the board at $7.45 1/4. 

NOAA’s updated 7-day QPF reads good or even too good rainfall for HRW country. N.E. TX through E KS are forecasted for as much as 5” through the next 7 days. Some moisture accumulation in S.W. NE and E CO may reach up to 1.5” through the coming week as well. SRW wheat area is also forecasted for some rainfall, though accumulations are lighter from a tenth of an inch to an inch. Southern Illinois may get more than 2” accumulated. Rainfall in the Dakotas will likely remain lighter for spring wheat area. 

CFTC’s Commitment of Traders report with data as of May 11 had managed money at 13,033 contracts net long in SRW. That was a 2,310 contract increase to their net position on the week via short covering. Managed money added new shorts in KC wheat, reducing their net long by 2k contracts to 31,999. Minneapolis wheat spec traders were 504 contracts more net long on the week to 16,410 contracts. 

Cash SRW Wheat  was $6.81 7/8, up 5 5/8 cents,

Jul 21 CBOT Wheat  closed at $7.07 1/4, up 5 3/4 cents,

Cash HRW Wheat  was $6.29 1/5, up 0 cent,

Jul 21 KCBT Wheat  closed at $6.57 3/4, unch,

Jul 21 MGEX Wheat  closed at $7.40 3/4, down 1/2 cent,

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