The wheat complex is down across most contracts on Monday. Chicago SRW futures are down 10 to 13 cents. KC HRW futures are 2 to 4 cents in the red. MPLS spring wheat is fractionally mixed at midday. Crude oil is up just $3.97 at midday and nearly $25 from the overnight highs.
Monday morning’s Export Inspections report showed 496,108 MT (18.23 mbu) of wheat shipped in the week of 3/5. That was 39.94% above the week prior and more than double the same week last year. China was the largest destination of 198,942 MT, with 97,215 MT shipped to Mexico and 56,293 MT to Thailand. The marketing year total is now 19.12 MMT (702.7 mbu) of wheat shipped since June 1, which is 20.2% above the same period last year.
USDA WASDE data will be out on Tuesday, with traders looking for 926 mbu of wheat stocks for the US, down 5 mbu from last month.
Managed money was busy adding back 8,503 contracts to their net short in CBT wheat futures and options as of 3/3, taking it to 25,800 contracts by Tuesday. In KC wheat, specs were trimming back their fresh net long position by 2,338 contracts to 1,866 contracts.
Mar 26 CBOT Wheat is at $6.09 3/4, down 1 1/2 cents,
May 26 CBOT Wheat is at $6.03 3/4, down 13 cents,
Mar 26 KCBT Wheat is at $6.11 1/2, up 26 1/4 cents,
May 26 KCBT Wheat is at $6.18 3/4, down 4 3/4 cents,
Mar 26 MIAX Wheat is at $6.37 1/2, up 6 cents,
May 26 MIAX Wheat is at $6.42 3/4, down 1/4 cent,
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.
More news from Barchart
