The wheat market is trading with gains across all three markets at midday. Chicago SRW futures are up 1 to 2 cents. Kansas City HRW contracts are 4 to 5 cents in the green. Minneapolis spring wheat futures are 8 to 9 cents higher.

Export Inspections data showed a total of 423,785 MT (15.57 mbu) of wheat shipped during the week of May 15. That was an increase of 4.59% from the previous week and 85.06% above the same week last year. Japan was the largest destination of 123,562 MT, with 72,551 MT headed to Mexico. Marketing year exports have totaled 20.702 MMT (760.7 mbu) since June 1, which is 15.69% above the same period last year. 

Weekly Crop Progress data is expected to show the winter wheat crop ratings steady with last week at 54%. 

The weekly Commitment of Traders data released on Friday afternoon showed money managers in Chicago wheat futures and options increasing their net short position by 13,161 contracts as of May 13th. Their new net short position was at 126,895 contracts by Tuesday, the largest in nearly two years. In Kansas City wheat, they extended their new record net short position by 8,559 contracts to 80,799 contracts.

South Korean mills purchased 50,000 MT of US wheat overnight. Saudi Arabia purchased a total of 621,000 MT of wheat in a tender.

Jul 25 CBOT Wheat  is at $5.26 3/4, up 1 3/4 cents,

Sep 25 CBOT Wheat  is at $5.41, up 2 cents,

Jul 25 KCBT Wheat  is at $5.21 1/4, up 4 3/4 cents,

Sep 25 KCBT Wheat  is at $5.35 1/4, up 4 3/4 cents,

Jul 25 MGEX Wheat  is at $5.82 1/4, up 9 cents,

Sep 25 MGEX Wheat  is at $5.96, up 8 3/4 cents,