Wheat is trading with gains across the three markets on Friday morning, in some cases of as much as double digits in KC. A weaker dollar is supportive. The wheat market faced losses on Thursday, spearheaded by the soft red wheat market. CBT prices were 7 to 8 cents per bushel lower. Preliminary open interest was up 13,486 contracts. KC contracts were 5 to 6 cents lower, and MPLS spring wheat was mostly 4 to 5 cents lower at the close. KC preliminary OI showed new short interest, up 3,682 contracts. A stronger US dollar index was doing the market no favors as Northern Hemisphere harvest supplies are becoming widely available. The spring wheat crop tour begins next week.
USDA released their Export Sales report on Thursday morning, with sales coming in the range of traders estimates of 300,000 to 700,000 MT, at 494,400 MT. Mexico and Venezuela were the leading destinations.
