The wheat complex is showing mixed action so far on Monday, with the soft wheat market the weakest. Chicago SRW futures are 1 to 2 cents lower. KC HRW contracts are up 1 to 2 cents so far on the day. MPLS spring wheat futures are up a penny in the nearbys so far.
Weekly Export Inspection data from this morning showed a total of 298,075 MT (10.95 mbu) of wheat shipped during the week of 12/12. That was an increase of 20.2% from last week and 4.66% above the same week last year. Mexico was the largest buyer of 69,471 MT, with 66,933 MT headed to Japan. The full year marketing shipments were 11.537 MMT (423.9 mbu), which was up 29.41% from a year ago.
Commitment of Traders data showed specs trimming 2,607 contracts from their net short position in Chicago wheat as of 12/10 to 66,779 contracts. In KC wheat, they cut 1,994 contracts from their net short as of Tuesday to 36,436 contracts.
Saudi Arabia purchased 804,000 MT of wheat in their recent tender which called for 595,000 MT. Algeria has issued a tender to purchase 50,000 MT of durum wheat, set to close on Wednesday
Mar 25 CBOT Wheat is at $5.50 1/2, down 1 3/4 cents,
May 25 CBOT Wheat is at $5.61, down 1 1/4 cents,
Mar 25 KCBT Wheat is at $5.59, up 2 cents,
May 25 KCBT Wheat is at $5.66 1/2, up 1 1/4 cents,
Mar 25 MGEX Wheat is at $5.99 1/2, up 1 cent,
May 25 MGEX Wheat is at $6.06 1/2, up 1 cent,
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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