The wheat complex was in rally mode across all three exchanges on Friday. Chicago SRW futures were up 20 to 23 cents in the front months, with March up 17 ¼ cents this week. KC HRW futures rallied 20 to 23 cents on the session, as March rose 17 cents since last Friday. MPLS spring wheat was 15 to 18 cents in the green on the day, with March ticking just 5 ¾ cents higher in the week. The markets will be closed on Monday for President’s Day, with a normal open for the Tuesday session.

Cold temps in parts of the US with little snow cover, as well as the Black Sea growing regions and the potential for some winter kill in the coming week is giving the market some support. 

Commitment of Traders data from CFTC showed a total of 7,633 contracts slashed from the spec net short as of Tuesday, to a net short of 82,809 contracts. In KC wheat, they were trimming back that net short by 5,733 contracts to 53,248 contracts

The French soft wheat crop was estimated at 73% good/excellent, as of 2/10, up 5 percentage points from the same point last year. 

Mar 25 CBOT Wheat  closed at $6.00, up 22 1/4 cents,

May 25 CBOT Wheat  closed at $6.13 1/2, up 21 1/2 cents,

Mar 25 KCBT Wheat  closed at $6.21 1/4, up 23 cents,

May 25 KCBT Wheat  closed at $6.32 3/4, up 23 1/4 cents,

Mar 25 MGEX Wheat  closed at $6.33 1/2, up 16 3/4 cents,

May 25 MGEX Wheat  closed at $6.49 1/4, up 17 3/4 cents,