The wheat complex was rallying on Friday, with the three exchanges higher on the session. Chicago SRW futures were back up 16 to 18 cents in the front months, with the front month May rallying 26 ¾ cents. Kansas City HRW contracts were 10 to 11 cents higher on the session, as May climbed 10 ½ cents from last Friday. MPLS spring wheat was up 12 to 13 cents across the front months at the close, with nearby May up 30 ½ cents. The US dollar index collapsed again on Friday, closing below $100.

The weekly CFTC Commitment of Traders report showed managed money cutting 9,908 contracts from their net short to 102,132 contracts by April 8. In KC wheat, they added 4,159 contracts to their net short at 49,834 contracts.

USDA Export Sales data from Thursday showed all wheat export business at 21.55 MMT. That is now 96.55% of the new USDA export projection, with the 5-year average sales pace at 102%. Export shipments are 17.3 MMT, which is 77.5% of USDA’s new number lagging the 5-year average pace of 83%

French soft wheat crop ratings were tallied at 75% good/excellent, a drop of 1% on the week according to FranceArgiMer data.

May 25 CBOT Wheat  closed at $5.55 3/4, up 17 3/4 cents,

Jul 25 CBOT Wheat  closed at $5.70 1/4, up 16 3/4 cents,

May 25 KCBT Wheat  closed at $5.68, up 10 cents,

Jul 25 KCBT Wheat  closed at $5.83 1/4, up 10 1/4 cents,

May 25 MGEX Wheat  closed at $6.15, up 13 cents,

Jul 25 MGEX Wheat  closed at $6.28 1/2, up 12 cents,

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