The wheat complex facing losses on Monday. Chicago SRW contracts are posting losses of 7 to 8 ½ cents on the day. KC HRW futures are showing losses of 5 to 6 cents on Monday. MPLS spring wheat is trading with losses of 7 to 8 cents at midday.
Monday morning’s Export Inspections report showed wheat shipments of 183,824 MT (6.75 mbu) in the week of 10/22. That was down 27.89% from the week prior and 31.87% below the same week last year. Mexico was the largest destination of 71,329 MT, with 61,021 MT shipped to Vietnam and 33,024 MT headed to South Korea. The marketing year total is now 7.419 MMT (272.59 mbu) of shipments, which is now 35.35% below the same period last year.
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CFTC’s weekly Commitment of Traders report indicated managed money in Chicago wheat futures and options adding 18,096 contracts to their net short position as of Tuesday, holding a net short of 51,134 contracts. As of October 20th, spec funds were net long just 6,395 contracts, a reduction of 10,996 contracts on that week.
Dec 26 CBOT Wheat is at $6.16 3/4, down 8 1/4 cents,
Mar 27 CBOT Wheat is at $6.30 1/2, down 7 cents,
Dec 26 KCBT Wheat is at $6.59, down 5 1/2 cents,
Mar 27 KCBT Wheat is at $6.68 3/4, down 6 cents,
Dec 26 MIAX Wheat is at $6.34, down 7 1/2 cents,
Mar 27 MIAX Wheat is at $6.51 1/4, down 7 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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