The wheat market retreated lower into the Friday close, with the three exchanges posting losses. Chicago SRW futures were down 11 to 22 1/4 cents on the day, with July 16 ¾ cents higher on the week. KC HRW futures posted 12 to 19 1/2 cent losses across the board on Friday, with July still up 12 ¼ cents since last Friday. MPLS spring wheat closed the Friday session with contacts down 7 1/2 to 17 1/4 cents, as July was still up 6 ¾ cents on the week.
Managed money was busy adding back to their net long position in CBT wheat futures and options by 9,120 contracts as of 5/12, mainly via new shorts, taking it to 19,023 contracts. In KC wheat futures and options, spec funds trimmed back just 79 contracts from their net long to 37,790 contracts.
