The wheat complex is trading with losses across the three markets on Monday. Chicago SRW futures are down 13 to 15 cents at midday. Kansas City HRW contracts are 9 to 11 cents lower on Monday. MPLS spring wheat is 7 to 8 cents in the red at midday.
Export Inspections data showed a total of 646,564 MT (23.76 mbu) of wheat shipped during the week of April 24. That was an increase of 26.72% from the previous week and up 28.6% from the same week last year. South Korea was the largest destination of 147,255 MT, with 111,779 MT to Mexico. Marketing year exports have totaled 19.46 MMT (715 mbu) since June 1, which is 14.85% above the same period last year.
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Winter wheat conditions are expected to be tallied at 47% good/excellent this afternoon, which would be up 2% on the week. Spring wheat planting is expected to be 31% complete, vs. the 34% last year. The Crop Progress report will be released later this afternoon.
The Friday afternoon Commitment of Traders report indicated managed money peeling back, 6,510 contracts from their net short position in Chicago wheat futures and options to 89,929 contracts. In KC wheat they were adding back to their net short by 9,252 contracts to 56,624 contracts.
May 25 CBOT Wheat is at $5.15 3/4, down 14 1/4 cents,
Jul 25 CBOT Wheat is at $5.31 3/4, down 13 1/4 cents,
May 25 KCBT Wheat is at $5.27 1/4, down 10 3/4 cents,
Jul 25 KCBT Wheat is at $5.42, down 9 cents,
May 25 MGEX Wheat is at $5.84 1/4, down 7 cents,
Jul 25 MGEX Wheat is at $5.98 1/2, down 7 3/4 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
