Wheat is starting off Monday trade with higher trade across the three markets. The wheat complex closed with winter wheat weakness, with spring wheat higher on Friday. Chicago SRW futures were steady in some deferreds to 7 1/4 cents lower in the front months, as May was still up 20 ¼ cents last week. Open interest was down 4,146 contracts on Friday. KC HRW futures were 1 ½ to 6 cents lower on Friday, with the weekly gain at 46 cents. OI slipped 1,735 contracts. MPLS spring wheat was up 1 1/4 to 3 3/4 cents, with May up 41 ¾ cents on the week.
Commitment of Traders data showed money managers adding 1,633 contracts to their net short position in CBT wheat at 7,266 contracts as of Tuesday. In KC wheat futures and options, specs added 1,316 contracts to their net long to 16,924 contracts.
