Wheat is trading mixed early on Monday. The wheat complex was in rally mode across the three exchanges on Friday, led by the winter wheat contracts. Chicago SRW futures were 12 to 14 cents in the green at the close, with March up 11 ½ cents last week. Open interest was 7,727 contracts higher on Friday suggesting new buying. KC HRW futures were up 14 to 15 cents, taking March 13 ½ cents higher on the week. OI rose 5,746 contracts. MPLS spring wheat was up 1 to 2 cents and lagging behind, but still with a dime gain last week.
USDA Export Sales data was delayed until Friday morning, with 618,076 MT of wheat sold in the week ending on January 15. That was a 9-week high and more than triple the same week last year. The largest buyer was unknown destinations of 130,600 MT, with 115,900 MT sold to Mexico and 95,500 MT to South Korea.
