Wheat is holding onto Monday AM gains, though most contracts have slipped off overnight highs. The wheat complex is continued the rally into Friday, with contracts up sharply across the three markets. Chicago SRW futures were up 24 ½ to 33 cents at the close, as May was 25 ¼ cents higher last week. Open interest was up 13,504 contracts, showing net new buying. KC HRW futures were 23 ½ to 31 cents in the green on the day, with May rallying 43 cents lastweek. MPLS spring wheat was 13 to 23 1/2 cents higher at the close with May 30 ¼ cents higher last week.
Strikes on Iranian targets continued over the weekend, with the flow through the Strait of Hormuz effectively at a standstill. Crude oil is up $11.63 this morning, but nearly $17 off the overnight highs as G7 countries hinted at opening up 400 million barrels via strategic reserves.
