Wheat Higher on Friday Morning

Wheat is trading with Friday morning gains across the three exchanges. The wheat complex was mixed on Thursday, with contracts on either side of unch across the three markets. Chicago SRW futures posted fractional to 2 1⁄4 cent gains. Preliminary open interest was up 7,187 contracts on Thursday, with OI in May at just 475 contracts and 80 deliveries issued overnight. Kansas City HRW contracts were down 2 to 3 cents, as nearby May was up 1 3⁄4 cents. Preliminary open interest was up 4,214 contracts, with OI in May at 236 and 200 deliveries issued overnight. MPLS spring wheat closed with contracts down 1 to 2 cents and May up 2 1⁄2 cents.A wetter forecast for part of HRW and SRW country is keeping a lid on much upward movement.Export Sales data was tallied at 75,005 MT for the week of 4/24, back up from the week prior’s net reduction. Thailand was the buyer of 58,000 MT, with 39,000 MT sold to Nigeria. New crop sales were tallied at 238,300 MT, in the middle of the expected 100,000 to 400,000 MT range. South Korea was the buyer of 58,000 MT with 49,600 MT sold to unknown.A total of 229.62 mbu of wheat was ground for flour in the January-March period, which was up 3 mbu from a year ago.South Korean mill imports 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 $5.15 1/4, up 2 1/4 cents, currently up 6 centsJul 25 CBOT Wheat closed at $5.31, up 1/4 cent, currently up 10 1/2 centsMay 25 KCBT Wheat closed at $5.16, up 1 3/4 cents, currently unchJul 25 KCBT Wheat closed at $5.27 1/2, down 2 cents, currently up 11 centsMay 25 MGEX Wheat closed at $6.16 1/2, up 2 1/2 cents, currently up unchJul 25 MGEX Wheat closed at $5.95 1/2, down 1 1/2 cents, currently up 10 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.