Wheat is bouncing back on Monday morning, with contracts up across the three exchanges. The wheat market ended the week with Friday weakness. Chicago SRW futures closed out the day with losses of 7 to 8 cents on Friday, as July managed to gain 3 ¼ cents last week. Kansas City HRW contracts fell 11 to 12 cents on Friday, with a weekly loss of just a penny. Minneapolis spring wheat futures were 5 to 6 cents in the red on Friday, with July falling 20 ¼ cents on the week. 

The weekly Commitment of Traders data released on Friday afternoon showed money managers in Chicago wheat futures and options increasing their net short position by 13,161 contracts as of May 13th. Their new net short position was at 126,895 contracts by Tuesday, the largest in nearly two years. In Kansas City wheat, they extended their new record net short position by 8,559 contracts to 80,799 contracts.

The weekly Export Sales report now pegs the old crop commitments for wheat at 21.689 MMT, which is 97% of the USDA export forecast, with just over 3 reporting weeks left in the MY. The average for this time of year is 104%. Actual exports according to FAS are now 19.637 MMT, just 87% of the forecast, with the average shipping pace at 93%.

The FranceAgriMer estimates the French soft wheat crop rated at 73% good/excellent, which is down a slight 1 percentage point from the previous week. South Korean mills purchased 50,000 MT of US wheat overnight. Saudi Arabia purchased a total of 621,000 MT of wheat in a tender

Jul 25 CBOT Wheat  closed at $5.25, down 7 3/4 cents, currently up 5 3/4 cents

Sep 25 CBOT Wheat  closed at $5.39, down 7 1/2 cents, currently up 5 cents

Jul 25 KCBT Wheat  closed at $5.16 1/2, down 11 3/4 cents, currently up 6 3/4 cents

Sep 25 KCBT Wheat  closed at $5.30 1/2, down 11 1/2 cents, currently up 6 3/4 cents

Jul 25 MGEX Wheat  closed at $5.73 1/4, down 6 3/4 cents, currently up 4 cents

Sep 25 MGEX Wheat  closed at $5.87 1/4, down 5 3/4 cents, currently up 4 1/2 cents