The wheat market is continuing losses on Monday across the three exchanges. Chicago SRW futures are 3 to 9 cents lower at midday. There were 257 deliveries issued against March CBT wheat overnight. KC HRW futures are down 9 to 11 cents at midday. March KC wheat had 183 delivery notices overnight. MPLS spring wheat is posting 2 to 7 cent losses on Monday.
The USDA Export Inspections report showed a total of 389,593 MT (14.3 mbu) of wheat shipped in the week of 2/27. That was a slight 0.45% increase from the week prior and 8.73% larger than the same week last year. Mexico was the largest destination of 77,541 MT, with 72,600 MT to the Philippines and 58,584 MT to Thailand. Shipments so far this MY are at 15.323 MMT (563 mbu), which is 18.13% above the same time last year.
Commitment of Traders data indicated managed money adding 6,037 contracts back to their net short in CBT wheat futures and options in the week ending on February 25 to 67,614 contracts. In KC wheat, the trimmed their net short by 755 contracts to 21,335 contracts.
ABARES estimates the 2024/25 Australian wheat crop at 34.1 MMT, which is an increase of 31% from the year prior and compares to a 32 MMT estimate from USDA.
Mar 25 CBOT Wheat is at $5.34, down 3 cents,
May 25 CBOT Wheat is at $5.47 1/4, down 8 1/2 cents,
Mar 25 KCBT Wheat is at $5.48 1/2, down 9 3/4 cents,
May 25 KCBT Wheat is at $5.62 1/4, down 10 3/4 cents,
Mar 25 MGEX Wheat is at $5.80, down 2 1/4 cents,
May 25 MGEX Wheat is at $5.91 1/2, down 6 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.
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