Wheat is showing gains across the three exchanges at Monday’s midday. Chicago SRW futures are fractionally to 1 ½ cents higher, with December an exception on thin trade. There were 5 delivery notice issued against December Chicago wheat on Friday night. KC HRW contracts are up 3 to 4 cents on the day. MPLS spring wheat is 3 to 5 cents higher at midday.
The weekly Export Inspections report from FGIS showed 226,513 MT (8.32 mbu) of wheat shipped in the week of 12/5. That was down 24.13% from the week prior and 22.89% below the same week last year. Of that total 67,510 MT was shipped to Indonesia, with 44,207 MT to Mexico. Year to date shipments since June 1 are 11.217 MMT (412.15 mbu), which is 29.98% above the same time last year.
The weekly Commitment of Traders report from CFTC tallied spec traders adding another 10,268 contracts to their CBT wheat net short at 69,386 contracts by Tuesday 12/3, the largest since August. In KC wheat, they increased their net short by 7,769 contracts to 38,430 contracts.
Heading into the monthly WASDE report, the trade is looking for wheat stocks for the US to remain steady from last month’s 815 mbu. World stocks are expected to be slightly higher at 257.68 MMT.
Dec 24 CBOT Wheat is at $5.42 1/2, down 4 1/4 cents,
Mar 25 CBOT Wheat is at $5.58 3/4, up 1 1/2 cents,
Dec 24 KCBT Wheat is at $5.37 1/4, up 1 1/4 cents,
Mar 25 KCBT Wheat is at $5.57 1/2, up 3 3/4 cents,
Dec 24 MGEX Wheat is at $5.82 1/4, up 13 3/4 cents,
Mar 25 MGEX Wheat is at $6.01 1/4, up 4 3/4 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.
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