The wheat complex pulled off the midday lows but still closed with losses on Friday across the three markets. Chicago SRW futures were steady to 1 3/4 cents in the red on the Friday session, as July was 10 ½ cents lower on the week. KC HRW futures were 1 ¾ to 5 cents in most contracts, with July down 6 cents since last Friday. MPLS spring wheat was fractionally to 6 cents in the red on Friday, with July slipping 4 ¼ cents this week. The CBoT will be closed on Monday for Memorial Day, with the Tuesday session showing a normal open.
Managed money was busy cutting back to their net long position in CBT wheat futures and options by 14,224 contracts as of 5/19, taking it to 4,799 contracts. In KC wheat futures and options, spec funds cut back 7,715 contracts from their net long to 30,075 contracts.
