Wheat is trading with contracts rallying double digits in the winter wheat contracts and MPLS following along. The wheat complex is showing mixed trade on Friday. Chicago SRW futures were down 3 ½ to 6 cents higher on the Friday session, with May 27 ¼ cents lower on the week. Open interest was down 3,105 contracts on Friday. KC HRW futures were down ¾ to 3 cents on the day, with front month May the lone exception, up ¼ cent. May fell 25 cents on the week. OI was down 3,077 contracts on Friday. MPLS spring wheat was 3 ¼ to 6 ¾ ents lower on Friday, with May 35 ¼ cents in the red on the week.
Crude oil is back up $7.71 this morning, as risk is being put back in the market following the breakdown of US/Iran negotiations this weekend. The US is now expected to have their own blockade of the Strait of Hormuz starting this morning to try and cut off the flow of oil out of Iran.
