Wheat futures are trading 4 to 5 cents lower this morning in the CHI and MPLS contracts. KC HRW futures are 10 to 10 1/2 cents lower. They ended Friday with 6 to 9 cent losses in the CBT and MPLS contracts, while KC was down 11 3/4 cents. Nearby KC lost 2.17% on the week, with MPLS up 1.61% and CBT 1/4 cent higher. Parts of HRW country caught some moisture this weekend from a storm that brought blizzard conditions to the Northern Plains. The managed money spec funds cut back their net short position in Chicago wheat by 18,546 contracts in the week ending 4/10, leaving them at -54,872 ahead of the late week sell off. Taiwan is seeking 92,975 MT of wheat from the US, with the tender to close on April 18. Russia’s IKAR consulting firm increased their export estimate for Russia to 39.5 MMT.

Market Commentary provided by:

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