Wheat Closes Mixed on Monday

Wheat posted mixed action across the three markets on Monday with the spring wheat market the weakest. Chicago SRW futures were up 2 to 3 cents on the session. KC HRW contracts were down 1 to 2 cents so far on the day. MPLS spring wheat futures closed with 1 to 2 cent losses on the day.

Export Inspections data from this morning showed a total of 337,685 MT (12.4 mbu) of wheat shipped in the week that ended on December 26. That was down 16.21% from the previous week but 22.16% from the same week last year. Mexico was the largest destination of 68,203 MT, with 66,149 MT to Thailand. Marketing year shipments were tallied at 12.283 MMT (451.33 mbu) as of that date, which is 27.1% above the same period last year.

Precip outlook in the next week for the southern Plains is limited, with some of the eastern half and over into SRW country looking for 1 to 2 inches.

Commitment of Traders data indicated a total of 7,608 contracts added to the net short position in CBT wheat futures and options to a net short of 95,009 contracts. In KC wheat, they increased 1,869 contracts to their net short at 34,936 contracts.

Mar 25 CBOT Wheat  closed at $5.48 3/4, up 2 1/4 cents,

May 25 CBOT Wheat  closed at $5.59, up 2 1/4 cents,

Mar 25 KCBT Wheat  closed at $5.55 1/2, up 1 cent,

May 25 KCBT Wheat  closed at $5.64, up 1 1/4 cents,

Mar 25 MGEX Wheat  closed at $5.93 3/4, down 1 1/2 cents,

May 25 MGEX Wheat  closed at $6.01 1/2, down 1 3/4 cents,