Wheat Rally Pushing to Monday Morning

Wheat Market Overview - Wheat prices have shown resilience, with Chicago SRW futures closing up by 24 ½ to 33 cents, and May futures increasing by 25 ¼ cents last week [1] - The Kansas City HRW futures also experienced gains, rising by 23 ½ to 31 cents, with May futures up 43 cents last week [1] - Minneapolis spring wheat saw an increase of 13 to 23 ½ cents, with May futures up 30 ¼ cents last week [1] Export Sales and Commitments - Export sales commitments for wheat reached 23.204 million metric tons (MMT), which is 95% of the USDA's estimate, aligning with the average sales pace of 97% [3] - Shipments accounted for 75% of the USDA's export number at 18.45 MMT, surpassing the average pace of 72% [3] Managed Money Positions - Managed money increased their net short position in CBT wheat futures and options by 8,503 contracts, bringing the total to 25,800 contracts [4] - In Kansas City wheat, speculators reduced their net long position by 2,338 contracts, resulting in a total of 1,866 contracts [4] Crop Conditions - The French wheat crop is rated at 84% good/excellent, consistent with the previous week's rating, while durum conditions remain steady at 81% [4]