Wheat is trading with modest 2 to 5 cent gains so far on Monday. The wheat complex was in rally mode to close out the week, finishing higher in all three exchanges. Chicago SRW contracts were 4 ¾ to 9 ½ cents higher across most contracts, with September up 42 ½ cents on the week. Preliminary open interest rose 2,320 contracts. KC HRW futures rallied 10 ½ to 15 ¾ cents on the day, with September up 56 cents for the week. OI was up 1,671 on Friday. MPLS spring wheat was right there with the winter wheats, up 6 ½ to 11 ½ cents on Friday, as September rallied 39 ¼ cents.
Continued buying from the escalating Black Sea conflict is supportive after strikes on ports and vessels on the water have disrupted the flow of exports.
