Wheat futures are backing off to start this week. Kansas City futures are 5 to 7 cents in the red at midday. MPLS is holding up, with contracts steady to fractionally mixed. Chicago contracts are taking a hit, down 9 ti 15 cents at midday. Preliminary open interest for CBT wheat dropped 9,103 contracts, with traders aggressively exiting May (-12,225, only 13,146 remain open). MPLS spring wheat was up 5 ¼ to 6 ¼ cents higher on Friday. Russian growing regions are projected to see some precip over the coming week, which is putting pressure on Chicago at midday.

Weekly Export Inspections data showed 481,183 MT of wheat shipped during the week that ended last Thursday, April 25. That was a jump of 6.85% on the week, with a 31.64% increase on the same week last year. Shipments were pretty spread out, as China was the lead destination of 69,950 MT. Another 45,832 MT was headed to Taiwan, with 44,888 MT headed to Chile. Year to date export shipments have totaled 16.921 MMT (621 mbu), which is still down 7.32% below a year ago. 

Data from the CFTC via the Commitment of Traders report on Friday showed the managed money net short at 76,184 contracts on 4/23. That was a decrease of 20,219 contracts during that week. In KC wheat, they pared back just 1,023 contracts from that net short to 48,208 contracts.

May 24 CBOT Wheat  is at $5.88 3/4, down 14 1/2 cents,

Jul 24 CBOT Wheat  is at $6.08 1/4, down 14 cents,

May 24 KCBT Wheat  is at $6.40 1/2, down 5 3/4 cents,

Jul 24 KCBT Wheat  is at $6.47 1/2, down 6 3/4 cents,

Jul 24 MGEX Wheat  is at $7.03 1/2, unch,