The wheat complex closed mixed across the three markets, with the spring wheat the strongest. Chicago SRW futures were 2 to 3 cents lower on the day, with July rallying up 17 ½ cents this week. The Kansas City HRW contracts closed 1 to 2 cents in the red, as July held up for a 22 ¼ cent gain since last Friday. Minneapolis spring wheat futures posted 6 to 7 gains at the close, with July up 33 ¼ cents this week. The market will be closed on Monday for Memorial Day, as well as the government reports delayed, with a normal 7:00 pm CDT open on Monday.

The 7-day forecast is looking for rains across much of the Southern Plains in the next week, with the eastern part getting heavier totals.

Commitment of Traders data showed spec traders in Chicago wheat futures and options at a net short of 108,893 contracts as of Tuesday, down 18,002 contracts from the week prior. In KC wheat, managed money held a net short of 80,162 contracts on May 20, a 637 contract reduction from the previous week’s record. 

Export Sales data has commitments for wheat at 21.682 MMT, which is 97% of USDA’s forecast and lags the 105% average pace. New crop total sales are now 4.18 MMT, which is the largest for the current week since 2013/14 MMT.

The FranceAgriMer shows an estimated 71% of the French wheat crop at 71% good/excellent, which was down 73% from the week prior. 

Jul 25 CBOT Wheat  closed at $5.42 1/2, down 2 cents,

Sep 25 CBOT Wheat  closed at $5.58, down 2 1/2 cents,

Jul 25 KCBT Wheat  closed at $5.38 3/4, down 1 1/4 cents,

Sep 25 KCBT Wheat  closed at $5.53 3/4, down 1 1/4 cents,

Jul 25 MGEX Wheat  closed at $6.06 1/2, up 6 1/4 cents,

Sep 25 MGEX Wheat  closed at $6.20 3/4, up 6 3/4 cents,