Wheat Mixed on Variation in US Weather Regions

Wheat futures are mixed this morning, with MPLS spring wheat up 3 to 3 1/2 cents on planting delays, while the winter wheat futures in CHI and KC are anywhere from 1 3/4 to 3 3/4 cents lower on perceptions about improved crop conditions. Those two markets came back to close 1 to 4 cents higher on Friday MPLS was down 1 to 2 1/2 cents on profit taking after rallying 12 cents from the May contract low earlier in the week. Spec traders in KC wheat futures and options trimmed their large CFTC net short position by 1,964 contracts in the week ending on April 9 to -47,793 contracts. Export commitments are now 96% of the newly updated USDA projection of 945 mbu, with the 5-year average at 102%. --Provided by Brugler Marketing & Management




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