Wheat is showing lower trade on Monday morning after weekend forecasts shifted a little wetter. The wheat complex saw mostly higher trade on Friday. Chicago SRW futures were the lagger, closing moistly within ¼ cent of unchanged, as May was up 9 ¾ cents last week. Open interest was down 1,405 contracts. KC HRW futures posted gains of 3 ¼ to 6 ¼ cents to lead the way, as May was 26 ¼ cents higher on the week. OI dropped 2,482 contracts. MPLS spring wheat was 1 3/4 to 3 1/4 cents higher on Friday, with May rallying 20 ¼ cents last week.

Over the weekend, forecasts shifted a little further west, with more portions of the Plains getting some moisture. Portions of the western Plains are now covered, with heavier totals in the eastern half.

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Weekly Export Sales from Thursday took the total wheat commitments to 24.252 MMT, up 15% from the same period last year. That is 99% of USDA’s export projection and near the 100% average sales pace.

Commitment of Traders data showed managed money in CBT wheat at a net short of 2,234 contracts, a reduction of 10,468 contracts over the last week, and the smallest net short since July 2022. In KC wheat, specs were net long 9,705 contracts, a 1,021 contract reduction in the last week.

March Intentions data will be out on Tuesday, as traders are looking for 44.79 million acres of wheat this year, down 544,000 acres from a year ago if realized. Grain Stocks data is estimated at 1.31 bbu for wheat, which would be 73 mbu above a year ago.

Algeria purchased a total of an estimated 690,000 MT of wheat in a tender on Thursday. FranceAgriMer data showed the country’s winter wheat ratings at 84% good/excellent, matching the week prior’s rating.

May 26 CBOT Wheat  closed at $6.05, unch, currently down 6 1/4 cents

Jul 26 CBOT Wheat  closed at $6.16, up 1/4 cent, currently down 5 3/4 cents

May 26 KCBT Wheat  closed at $6.32 3/4, up 6 cents, currently down 10 1/2 cents

Jul 26 KCBT Wheat  closed at $6.47 1/2, up 6 1/4 cents, currently down 10 3/4 cents

May 26 MIAX Wheat  closed at $6.48 1/4, up 3 1/4 cents, currently down 1/2 cents

Jul 26 MIAX Wheat  closed at $6.62 1/4, up 3 cents, currently up 3 1/4 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. This article was originally published on Barchart.com