Wheat is showing lower trade on Monday morning after weekend forecasts shifted a little wetter. The wheat complex saw mostly higher trade on Friday. Chicago SRW futures were the lagger, closing moistly within ¼ cent of unchanged, as May was up 9 ¾ cents last week. Open interest was down 1,405 contracts. KC HRW futures posted gains of 3 ¼ to 6 ¼ cents to lead the way, as May was 26 ¼ cents higher on the week. OI dropped 2,482 contracts. MPLS spring wheat was 1 3/4 to 3 1/4 cents higher on Friday, with May rallying 20 ¼ cents last week.
Over the weekend, forecasts shifted a little further west, with more portions of the Plains getting some moisture. Portions of the western Plains are now covered, with heavier totals in the eastern half.
