The wheat market is mostly higher in the winter wheats early on Monday, with MPLS showing slightly mixed action. They were on a rally train on Friday, as Chicago led the complex with 13 ½ to 17 ¼ cent gains. Price action was a mix of short covering and net new buying, with preliminary OI up 2,855 contracts. Kansas city tagged along on the bull fun, with contracts up 4 ¼ to 7 ¾ cents at the close. MPLS spring wheat contracts pushed 5 to 9 ¾ cents higher. 

The large managed money speculators in Chicago wheat futures and options added 9,835 contracts to their net short as of 4/16, taking it to 96,403 contracts. In Kansas City they were seen as nearing their record net long, adding 4,620 contracts as of Tuesday to 49,231 contracts. 

SovEcon’s projection for their Russian production total was cut 1 MMT on Friday from the March estimate at 93 MMT. On Friday, Russia’s Ag Ministry announce they were raising the Russian wheat export tax by 6.4% to 3,443 ruble/MT (~$1/bu). India’s government wheat stocks are at a 16 year low for April 1 at 7.5 MMT, down 0.85 MMT from last year. 

May 24 CBOT Wheat  closed at $5.50 1/4, up 13 1/2 cents, currently up 6 1/4 cents

Jul 24 CBOT Wheat  closed at $5.66 3/4, up 13 3/4 cents, currently up 6 1/2 cents

May 24 KCBT Wheat  closed at $5.81 1/2, up 4 1/4 cents, currently up 7 cents

Jul 24 KCBT Wheat  closed at $5.83, up 7 3/4 cents, currently up 6 1/2 cents

Jul 24 MGEX Wheat  closed at $6.52 1/2, up 9 1/2 cents, currently down 1/4 cents