Wheat is trading with mostly lower trade in early Friday action, as the market looks to close out May. The wheat complex saw some late session strength on Thursday. Chicago SRW futures were fractionally to 1 ½ cents higher. Open interest was up 3,375 contracts. KC HRW futures were 3 to 5 cents in the red at the close. OI suggested modest long liquidation, down 1,073 contracts. MPLS spring wheat was down 2 to 3 1/2 cents on the session.
Crude oil was down 15 cents at the close as several outlets were reporting the US and Iran were coming to an agreement to open the Strait of Hormuz and extend the ceasefire.
