Wheat Posts Double Digit Gains Ahead of Memorial Day

Wheat futures saw 10 to 19 1/4 cent gains in most contracts, ahead of the Memorial Day weekend. The markets will be closed for the Monday session. On the week, CBT was up 5.27%, with KC 5.18% higher and MPLS 3.84% above last Friday. Accumulated wheat exports as of May 16 are 91% of USDA’s forecast total, with the normal pace at 96%. Typically Census data runs ahead of the weeks export numbers. The Commitment of Traders report showed that the large spec funds were net short 41,760 contracts of Chicago SRW as of May 21. They continued to back off their large net short in KC futures and options, now at 48,084 contracts. Planalytics raised its forecast for average US winter wheat yield to 52 bushels per acre from 51.1 bpa.

Jul 19 CBOT Wheat closed at $4.89 1/2, up 19 1/4 cents,

Jul 19 KCBT Wheat closed at $4.42, up 16 3/4 cents,

Jul 19 MGEX Wheat closed at $5.48, up 13 3/4 cents

--provided by Brugler Marketing & Management

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