Wheat is showing mixed trade on Monday morning, with the hard red contracts higher. The wheat complex posted double digit gains on Friday. Chicago SRW futures were up 10 to 15 1/4 cents on Friday, with May slipping 3 cents on the week. Open interest was up 1,234 on Friday. KC HRW futures closed 11 to 17 ¼ cents in the green on the day, as May was up 6 ½ cents from last Friday. OI suggested net new buying, up 3,167 contracts. MPLS spring wheat was 7 ½ to 11 ¼ cents higher as May was up just 2 1/2 cents on the week. Crude oil is down $1.76 this morning.
Commitment of Traders data from this afternoon showed managed money cutting 3,455 contracts to their net short position in CBT wheat futures and options, taking it to 22,345 contracts as of Tuesday. In KC wheat futures and options, specs were net long 9,425 contracts, an increase of 7,559 contracts wk/wk. In MPLS spring wheat, spec funds piled onto the long side by 12.027 contracts to a net long of 15,990 contracts.
