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Wheat Closes Lower ahead of Memorial Day

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Front month SRW wheat goes into the weekend after closing 5 to 7 1/4 cents lower on Friday. KC HRW wheat futures closed 9 to 10 cents lower on the last trade day of the week. MPLS HRS futures closed down by 3 3/4 to 5 cents. The CoT report showed SRW spec traders flipped to net short in the week ending May 19. Managed money was 16,476 contracts net short from 2,982 net long last week. Managed money also flipped net short wk/wk in KC HRW to 15,038 contracts. In MPLS wheat, spec traders were 758 contracts more short to a record bearish position of 25,401 contracts. Japan purchased 110,573 MT of wheat in their weekly MOA tender, with 67,441 MT U.S. origin.

Jul 20 CBOT Wheat closed at $5.08 3/4, down 7 1/4 cents,

Jul 20 KCBT Wheat closed at $4.44 1/2, down 10 cents,

Jul 20 MGEX Wheat closed at $5.13, down 5 cents,

--- provided by Brugler Marketing & Management

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