Wheat is trading with double-digit losses on Monday morning. The wheat complex closed Friday on a mixed note, as futures failed to hold much strength into the close. Chicago SRW futures settled with slight fractional gains, as May was 18 ¾ cents in the red last week. Kansas City HRW contracts were able to sneak out fractional gains in the front months, as May fell 19 ½ cents on the week. MPLS spring wheat closed the day with contracts down 1 to 2 cents as May was 13 ¾ cents lower last week. May options expired today.

The Friday afternoon Commitment of Traders report indicated managed money peeling back, 6,510 contracts from their net short position in Chicago wheat futures and options to 89,929 contracts. In KC wheat they were adding back to their net short by 9,252 contracts to 56,624 contracts.

Export Sales data showed a total of 21.483 MMT of wheat sold for shipment since June 1, which is 14% above the same time last year. Still, it is just 96% of the USDA forecast, behind the 103% average sales pace. 

The FranceAgriMer estimates the French soft wheat crop at 74% good/excellent, down from 75% last week.

May 25 CBOT Wheat  closed at $5.30, up 3/4 cent, currently down 11 1/2 cents

Jul 25 CBOT Wheat  closed at $5.45, up 1/2 cent, currently down 11 1/4 cents

May 25 KCBT Wheat  closed at $5.38, up 1/4 cent, currently down 11 cents

Jul 25 KCBT Wheat  closed at $5.51, up 1/4 cent, currently down 10 3/4 cents

May 25 MGEX Wheat  closed at $5.91 1/4, down 1 1/4 cents, currently down 9 1/2 cents

Jul 25 MGEX Wheat  closed at $6.06 1/4, down 1 1/2 cents, currently down 9 1/4 cents