Wheat (P) Futures PricesFriday, May 17th, 2013
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Wheat futures closed a quarter cent to 4.5 cents lower on the day. MPLS wheat was firmer than KC and Chicago due to heavy rains expected this weekend in spring wheat country. Canadian planting continues to drag, with Saskatchewan 8% planted (all crops). The 5 year average would be 16%. The government reports 24% of the crop area with surplus topsoil moisture. Informa this morning projected US spring wheat acreage would total 12.401 million acres. They still think that all of the intended acres will be planted, despite the late season and planting delays. The weekly CFTC commitment of traders report showed managed money accounts increased their net short position by 6,781 contracts.
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