Wheat Rallies Double Digits on Friday

Wheat bulls were trying their best to put in some sort of bottom, as futures rallied across the three exchanges on Friday. Chicago SRW futures were up 11 to 12 cents at the close on Friday, with weekly move of 2 cents lower for July. Kansas City HRW futures were 12 to 14 cents in the green to round out the session, with a loss of 9 3⁄4 cents this week. Minneapolis spring wheat futures broke out with 14 to 16 cent gains, as July was up 4 3⁄4 cents on the week.The Friday afternoon Commitment of Traders report showed a total of 31,486 contracts added to the spec net short in CBT wheat futures and options. That took their net short to 121,415 contracts, the largest since May 2023. In KC wheat, managed money added 10,645 contracts to a record net short of 67,269 contracts.US Export Sales showed wheat export commitments at 21.555 MMT as we approach the last month of the marketing year, which is a 4-year high. That is 97% of the current USDA export estimate and lags the 104% average sales pace for this date.South Korean mills purchased a total of 35,800 MT of wheat from the US overnight. French soft wheat ratings were steady at 74% good/excellent according to the FranceAgriMer, steady with the week prior. May 25 CBOT Wheat closed at $5.26 1/2, up 11 1/4 cents,Jul 25 CBOT Wheat closed at $5.43, up 12 cents,May 25 KCBT Wheat closed at $5.28 1/2, up 12 1/2 cents,Jul 25 KCBT Wheat closed at $5.41 1/4, up 13 3/4 cents,May 25 MGEX Wheat closed at $6.16 1/2, unch,Jul 25 MGEX Wheat closed at $6.11, up 15 1/2 cents, On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.