Wheat is trading with 2 to 5 cent gains in the hard red contracts, with the soft red complex weaker. The wheat complex rallied across all three markets on Friday, to lead the grain complex. Chicago SRW futures posted 15 to 19 ½ cent gains on Friday, with May up 11 ¼ cents. Open interest was up 4,477 contracts on Friday. KC HRW futures were 17 to 21 ¼ cents in the green, as May was still down 4 ¾ cents last week. OI slipped 4,362 contracts. MPLS spring wheat was 8 to 15 3/4 cents higher in most contracts, with May up 12 ¾ cents. Short covering was noted to close out February.
Commitments of Traders data from Friday indicated managed money slashing 50,740 contracts from their net short position in CBT wheat as of Tuesday, taking it to 17,297 contracts. That is the smallest that position has been since October 2022. Spec funds in KC wheat held their first net long position since August 2023, flipping it by 14,813 contracts to a net long of 4,204 contracts.
