The wheat complex is trading with losses across the three markets at midday. Chicago SRW futures are down 8 to 9 cents in the front months on Monday. Kansas City HRW contracts are 8 to 9 cents in the red so far on the day. MPLS spring wheat is 6 to 7 cents lower at midday.
This morning’s Export Inspections report from FGIS showed a total of 484,701 MT (17.81 mbu) of wheat shipped in the week that ended on March 20. That was down 2.11% from the previous week but 12% above the same week last year. Of that total, 85,183 MT was headed to the Philippines, with 71,933 MT destined for Mexico. Marketing year shipments have totaled 16.854 MMT (619.3 mbu) since June 1, 2024, which is 17.99% above the same period last year.
The Friday afternoon Commitment of Traders data from CFTC showed speculators in Chicago wheat adding 3,256 contracts to their net short as of Tuesday to 80,668 contracts. In KC, they were trimming that large net short by 2,059 contracts to 46,663 contracts by March 18.
Taiwan is tendering for 100,000 MT of US wheat, with the deadline issued for Thursday. Russian firm IKAR raised their 2025 wheat crop estimate by 1.5 MMT to 82.5 MMT on Monday.
May 25 CBOT Wheat is at $5.50, down 8 1/4 cents,
Jul 25 CBOT Wheat is at $5.66 1/2, down 8 cents,
May 25 KCBT Wheat is at $5.80 1/4, down 8 1/2 cents,
Jul 25 KCBT Wheat is at $5.95 1/4, down 8 1/4 cents,
May 25 MGEX Wheat is at $5.98 3/4, down 6 1/4 cents,
Jul 25 MGEX Wheat is at $6.14 3/4, down 6 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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