Wheat is starting Friday with slight weakness across the three markets. The wheat complex was in rally mode on Thursday. KC HRW futures led the wheat rally, with gains of 10 ½ to 29 ¼ cents, led by the front months. Modest new buying interest was noted, with open interest up 4,270 contracts. Chicago SRW futures were up 10 to 13 1/4 cents in most contracts. Open interest was down 10,382 contracts, mostly in the front month May (12,320). MPLS spring wheat was 6 to 10 ½ cents in the green in at the close.
Weekly Export Sales from Thursday morning showed, with old crop business seen at 129,022 MT for the week of April 16, up from the previous week. Japan was the lead buyer of 59,400 MT, with 47,400 MT sold to Nigeria. New crop sales were just 8,000 MT, mostly to South Korea.
