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 this week. KC HRW futures were 23 ½ to 31 cents in the green on the day, with Mayu rallying 43 cents this week. MPLS spring wheat was 13 to 23 1/2 cents higher at the close with May 30 ¼ cents higher this week. Crude oil futures were up $10.22 at the close to continue the spillover support.
Export Sales data from Thursday morning has taken export sales commitments to 23.204 MMT, which is 95% of USDA’s estimate near the 97% average sales pace. Shipments are 75% of USDA’s export number at 18.45 MMT, which is ahead of the 72% average pace.
Managed money was busy adding back 8,503 contracts to their net short in CBT wheat futures and options as of 3/3, taking it to 25,800 contracts by Tuesday. In KC wheat, specs were trimming back their fresh net long position by 2,338 contracts to 1,866 contracts.
The FranceAgriMer estimates the French wheat crop at 84% good/excellent, matching the rating from the previous week. Durum conditions were steady at 81%.
Mar 26 CBOT Wheat closed at $6.11 1/4, up 28 1/2 cents,
May 26 CBOT Wheat closed at $6.16 3/4, up 33 cents,
Mar 26 KCBT Wheat closed at $6.11 1/2, up 26 1/4 cents,
May 26 KCBT Wheat closed at $6.23 1/2, up 31 cents,
Mar 26 MIAX Wheat closed at $6.32 1/2, up 23 1/2 cents,
May 26 MIAX Wheat closed at $6.43, up 23 1/2 cents,
