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. 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. 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 was up $3.57 at the close.
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 9,425 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.
