Wheat Bulls Joining with Gains on Monday

The wheat complex is in rally mode on Monday, with all three exchanges higher as tensions in the Black Sea filed to cool off over the weekend. Chicago SRW is 13 to 14 cents higher. KC HRW futures are up 11 to 12 cents. MPLS spring wheat is showing gains of 7 to 8 cents. 

Monday morning’s Export Inspections report showed wheat shipments of 335,253 MT (12.32 mbu) in the week of 9/17. That was down 29.12% from the week prior and more than nearly 1/3 of the same week last year. Mexico was the largest destination of 98,954 MT, with 66,023 MT shipped to Vietnam and 65,069 MT headed to the Philippines. The marketing year total is now 6.028 MMT (221.47 mbu) of shipments, which is now 31.49% below the same period last year.

Spec funds in Chicago wheat futures and options were flipping back to a net short as of September 15, a move of 8,968 contracts to a net short of 4,706 contracts. Managed money in KC wheat was trimming 5,490 contracts from their net long to 45,758 contracts.

Dec 26 CBOT Wheat  is at $7.27 1/4, up 13 cents,

Mar 27 CBOT Wheat  is at $7.43, up 13 cents,

Dec 26 KCBT Wheat  is at $7.95 1/4, up 11 1/2 cents,

Mar 27 KCBT Wheat  is at $8.08 1/4, up 11 cents,

Dec 26 MIAX Wheat  is at $7.48 1/2, up 7 1/4 cents,

Mar 27 MIAX Wheat  is at $7.69 1/2, up 7 3/4 cents,