Wheat Feeling Pressured on Monday

The wheat complex is showing double digit losses across the three exchanges on Monday. Chicago SRW futures are down 10 to 11 cents so far on the day. KC HRW contracts are 11 to 12 cents lower at midday. MPLS spring wheat is slipping another 11 to 12 cents. 

Rains are expected to reenter portions of the Southern Plains over the weekend.

The Friday afternoon’s Commitment of Traders report showed specs in Chicago wheat futures and options adding back 6,496 contracts to their net short as of 10/8. In KC, they were cutting 9,386 contracts to their net short position, at 5,884 contracts as of Tuesday.

APK-Inform has increased their 2024/25 Ukrainian wheat crop projection by 0.3 MMT to 21.5 MMT. 

Dec 24 CBOT Wheat  is at $5.88 3/4, down 10 1/4 cents,

Mar 25 CBOT Wheat  is at $6.11 1/4, down 10 1/2 cents,

Dec 24 KCBT Wheat  is at $5.93, down 11 1/2 cents,

Mar 25 KCBT Wheat  is at $6.09 3/4, down 11 1/2 cents,

Dec 24 MGEX Wheat  is at $6.32, down 11 3/4 cents,

Mar 25 MGEX Wheat  is at $6.53 1/2, down 11 cents,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.