Wheat Falling at Monday’s Midday

The wheat complex is showing weakness persisting on Monday, with losses across the three exchanges. Chicago SRW contracts are 4 to 5 cents in the red at midday. KC HRW futures are down 4 to 5 cents on Monday. MPLS spring wheat are 5 to 6 cents lower at the midday part of the session on Monday.

Monday morning’s Export Inspections report showed wheat shipments of 240,308 MT (8.83 mbu) in the week of 10/15. That was down 21.83% from the week prior and 51.3% below the same week last year. Vietnam was the largest destination of 74,724 MT, with 38,500 MT shipped to Egypt and 37,885 MT headed to Colombia. The marketing year total is now 7.219 MMT (265.28 mbu) of shipments, which is now 64.43% below the same period last year.

Weekly CFTC data indicated 3,495 contracts added to the managed money net short in Chicago wheat futures and options as of Tuesday, taking it to 33,038 contracts. In KC wheat, spec traders cut back another 6,649 contracts from their net long to 17,391 contracts.

Dec 26 CBOT Wheat  is at $6.56 1/4, down 4 1/4 cents,

Mar 27 CBOT Wheat  is at $6.71, down 4 cents,

Dec 26 KCBT Wheat  is at $6.99 3/4, down 4 1/4 cents,

Mar 27 KCBT Wheat  is at $7.11 3/4, down 4 cents,

Dec 26 MIAX Wheat  is at $6.71, down 5 1/2 cents,

Mar 27 MIAX Wheat  is at $6.88 1/2, down 5 1/4 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.