The wheat complex rallied on Friday, with Chicago SRW futures up 12 to 14 cents and KC HRW futures up 14 to 15 cents. MPLS spring wheat lagged but still gained a dime this week. Freezing temps in HRW country may be adding premium.

USDA Export Sales data showed 618,076 MT of wheat sold in the week ending January 15, a 9-week high. The largest buyers were unknown destinations, Mexico, and South Korea. Commitment of Traders data revealed managed money adding 4,471 contracts to their net short position for CBT wheat.

CBOT and KCBT wheat futures closed higher on Friday, with March contracts up 14 and 15 cents, respectively. MIAX wheat also closed higher, with March up 1 1/4 cents. Speculators were net short in CBT wheat but less so in KC wheat.

Austin Schroeder did not have positions in any securities mentioned. All information in the article is for informational purposes only.

Read more at Yahoo Finance: Wheat Bulls Add Premium Heading into the Weekend