The wheat complex is trading with gains across the three exchanges on Friday. CBT soft red wheat futures are up 3 to 5 ¼ cents at on Friday. Preliminary open interest suggested some short covering on Friday, down 10,649 contracts. KC HRW futures are 2 to 4 ¾ cents in the green so far on Friday’s midday . There were 328 deliveries issued against September KC overnight. MPLS spring wheat is up 1 to 6 ½ cents, led by now in delivery September.
The next week is looking wet in much of the Southern Plains, with 1 to 3 inches in the forecast. The Northern Plains is looking a little drier in parts of ND, MT and the PNW, likely helping spring wheat harvest to move along.
