The wheat complex is trading with losses to start the week. Chicago SRW futures are trading with 5 to 7 cent Monday losses. KC HRW futures are 7 to 9 cents in the front months at midday. MPLS spring wheat is down 3 to 4 cents so far on the day.

Monday morning’s Export Inspections report showed 351,001 MT (12.9 mbu) of wheat shipped in the week of 1/22. That was 11.76% below the week prior and 27.56% shy of the same week last year. South Korea was the largest destination of 119,036 MT, 73,230MT shipped to Japan and 63,773 MT to Mexico. The marketing year total is now 16.33 MMT (600.05 mbu) of wheat shipped, which is now 18.21% above the same period last year.

USDA Export Sales data from Friday indicated 21.03 MMT of wheat commitments by January 15, 18% above last year. That was also 86% of the USDA number, near the 87% average sales pace.

Commitment of Traders data from CFTC Friday afternoon showed managed money adding another 4,471 contracts to their net short position as of January 20. That net short stood at 110,700 contracts for CBT wheat on Tuesday. In KC wheat, specs were net short just 13,018 contracts by Tuesday, an addition of just 237 contracts on the week.

Mar 26 CBOT Wheat  is at $5.22 1/2, down 7 cents,

May 26 CBOT Wheat  is at $5.33 1/4, down 5 3/4 cents,

Mar 26 KCBT Wheat  is at $5.32, down 8 3/4 cents,

May 26 KCBT Wheat  is at $5.42 3/4, down 7 3/4 cents,

Mar 26 MIAX Wheat  is at $5.71 3/4, down 3 1/4 cents,

May 26 MIAX Wheat  is at $5.83 1/2, down 3 1/4 cents,

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