Wheat is trading with weakness on Monday, with the three markets heading lower. Chicago SRW futures are down 9 to 10 cents in the nearbys. KC HRW futures are down 6 to 7 in the front months. MPLS spring wheat is 8 to 9 cents in the red.
USDA’s Export Inspections report showed a total of 484,544 MT (17.8 mbu) of wheat shipped in the week ending on 1/23. That was more than double the same week last year and up 85.09% from last week. Japan was the largest destination of 144,037 MT, with 132,710 MT headed to South Korea. Marketing year shipments are 13.764 MMT (505.73 mbu), which is now 25.04% from the same period in the 2023/24 MY.
CFTC data showed CBT wheat speculators trimming their large net short position by 2,601 contracts to 91,792 contracts as of Tuesday. In KC, they parred back 2,475 contracts to 35,131 contracts net short.
Mar 25 CBOT Wheat is at $5.34 1/2, down 9 1/2 cents,
May 25 CBOT Wheat is at $5.48 3/4, down 10 cents,
Mar 25 KCBT Wheat is at $5.52 3/4, down 6 3/4 cents,
May 25 KCBT Wheat is at $5.62 1/2, down 7 cents,
Mar 25 MGEX Wheat is at $5.86 3/4, down 8 1/2 cents,
May 25 MGEX Wheat is at $5.97 3/4, down 8 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.