Wheat Trading with Monday Morning Gains

Wheat is higher across the board early on Monday. 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. Open interest was a up 4,175 contracts on Friday. There was single delivery issued against May CBT wheat on Friday higher, with 16 deliveries against May KC wheat. 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 last 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. Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.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 this week.May 26 CBOT Wheat closed at $6.07 1/2, up 5 3/4 cents, currently unch Jul 26 CBOT Wheat closed at $6.19, up 6 3/4 cents, currently up 9 1/2 centsMay 26 KCBT Wheat closed at $6.72 1/2, up 17 3/4 cents, currently unchJul 26 KCBT Wheat closed at $6.75 3/4, up 8 1/2 cents, currently up 8 1/2 centsMay 26 MIAX Wheat closed at $6.70 3/4, up 5 1/2 cents, currently unchJul 26 MIAX Wheat closed at $6.79 1/2, up 4 3/4 cents, currently up 7 1/2 cents On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.