The wheat complex is trading with losses on Monday. Chicago SRW futures are trading with 11 to 12 cents so far at midday. KC HRW futures are trading with 8 to 9 cent losses on Monday. MPLS spring wheat is down 7 to 9 cents so far. Crude oil is down $3.19 at midday.
Export Inspections data showed wheat at 343,022 MT (12.6 mbu) shipped in the week that ended on March 2. That was down 31.2% from last week, and 30.81% below the same week last year. Mexico was the top destination of 79,566 MT, with 62,647 MT to the Philippines and 56,699 MT to Bangladesh. Marketing year shipments have totaled 19.47 MMT (715.4 mbu), which is up 18.67% yr/yr.
Commitment of Traders data from this afternoon showed managed money cutting 3,455 contracts to their net short position in CBT wheat futures and options, taking it to 22,345 contracts as of Tuesday. In KC wheat futures and options, specs were net long 9,425 contracts, an increase of 7,559 contracts wk/wk. In MPLS spring wheat, spec funds piled onto the long side by 12.027 contracts to a net long of 15,990 contracts.
May 26 CBOT Wheat is at $6.02 1/4, down 11 1/2 cents,
Jul 26 CBOT Wheat is at $6.13, down 11 1/2 cents,
May 26 KCBT Wheat is at $6.21 1/2, down 8 1/2 cents,
Jul 26 KCBT Wheat is at $6.35 1/4, down 8 1/2 cents,
May 26 MIAX Wheat is at $6.37 1/4, down 8 1/4 cents,
Jul 26 MIAX Wheat is at $6.52, 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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