The wheat complex saw stronger trade on Friday across the three markets. CBT soft red wheat futures were up 5 to 7 3/4 cents at on Friday, as December was a dime higher this week. KC HRW futures were 4 to 6 cents in the green on the day, with December down 1 ¼ cents this week. MPLS spring wheat was 2 to 4 cents higher, as Dec fell by a dime on the week. The market will be closed on Monday due to the Labor Day holiday, with a normal open on Monday night for the Tuesday session.
The Friday afternoon Commitment of Traders report showed spec funds slashing 16,545 contracts from their net short position in CBT wheat futures and options to 81,587 contracts as of Tuesday. In Kansas City wheat futures and options, they trimmed 2,699 contracts from their net short position to 48,681 contracts.
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The next week is looking wet in much of the Southern Plains, with 1 to 3 inches in the forecast. The Northern Plains is looking a little drier in parts of ND, MT and the PNW, likely helping the spring wheat harvest to move along.
Thursday morning's Export Sales report showed wheat sales (both shipped and unshipped) for the full marketing year at 12.152 MMT. That is 51% of the USDA projection and ahead of the 47% average sales pace. It is also the largest book of sales for this week since 2013/14.
Sep 25 CBOT Wheat closed at $5.18, up 7 3/4 cents,
Dec 25 CBOT Wheat closed at $5.34 1/4, up 5 1/4 cents,
Sep 25 KCBT Wheat closed at $4.92 3/4, up 6 cents,
Dec 25 KCBT Wheat closed at $5.19 3/4, up 4 cents,
Sep 25 MGEX Wheat closed at $5.59 1/4, up 4 cents,
Dec 25 MGEX Wheat closed at $5.80, up 2 3/4 cents,