Wheat prices are starting off the new week mixed, with CBT weaker and the hard red contracts higher. Wheat bulls continued their assault on the heights (or at least foot hills given the size of the decline in recent months) on Friday.  Kansas City HRW continues to lead the way, with gains of 13 ½ to 14 ¼ on Friday and 64 ¾ for the week. KC and MPLS have now seen 7 consecutive higher closes, with Chicago’s string at 6. Chicago futures settled only 1 to 5 higher on Friday, with SRW expected to get the rain that the Southern Plains isn’t. 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.

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.

Crop conditions in France were also getting worse, with FranceAgriMer pegging the durum wheat crop at 67% gd/ex, down 3%, and the soft wheat crop at 63% a 1% drop on the week. Eastern Ukraine and Russian wheat areas are also seeing some crop stress.   Indian farmers have been slow to sell to the government, expecting to see higher private market prices later.  Government stocks are at a 16 year low. 

May 24 CBOT Wheat  closed at $6.03 1/4, up 1 cent, currently down  4 3/4 cents

Jul 24 CBOT Wheat  closed at $6.22 1/4, up 1 3/4 cents, currently down 4 3/4 cents

May 24 KCBT Wheat  closed at $6.46 1/4, up 14 1/4 cents, currently up 3 1/4 cents

Jul 24 KCBT Wheat  closed at $6.54 1/4, up 13 3/4 cents, currently up 2 cents

Jul 24 MGEX Wheat  settled at $7.03 1/2, up 5 1/4 cents, currently up 2 1/4 cents