The wheat market was in rally mode on Friday, with spring wheat joining in with slightly higher movement. CBT prices were 12 to 13 cents higher across most nearbys, with September up 1 1/4 cents. KC contracts were 11 to 12 cents in the green, as Sep was up 4 ¾. MPLS spring wheat was fractionally higher, as September fell 18 ¼ cents. The dollar index was weaker to provide some support.
CFTC data showed spec traders in CBT wheat futures and options adding 4,893 contracts to their net short Chicago wheat position to 60,487 contracts. They were busy increasing their net short in KC wheat as week by 4,683 contracts to 48,002 contracts as of 7/12.
