Wheat is trading with mixed action on Monday morning, with contracts withing a couple cents of unchanged. The wheat complex was in rally mode on Friday, closing with double digit strength across the three exchanges. Chicago SRW contracts was 15 ¼ to 20 ¾ cents in the green on the day, with nearby September up 40 ½ cents on the week. Open interest was down just 574 contracts on Friday. KC HRW futures were up 17 ¾ to 22 cents at the close, with September rallying 37 3/4 cents last week. OI was up 1,813 contracts. MPLS spring wheat was 11 ½ to 14 ¼ cents higher on the session, with September up 33 ¾ cents from last week’s close.
Wheat gained steam on Friday after reports that Russia is restricted export flows through Don-Azov channel. The Sea of Azov accounts for nearly a quarter of Russia’s wheat shipments exit the region.
