Wheat Weakness Holding at Monday’s Midday Trade

The wheat complex started Monday with weakness, as losses are extending to midday. Chicago SRW is down 12 to 13 cents on the day. KC HRW futures are 13 to 14 cents lower at midday. MPLS spring wheat is 9 to 10 cents in the red so far.

Monday morning’s Export Inspections report showed wheat shipments of 310,635 MT (11.41 mbu) in the week of 9/24. That was down 8.62% from the week prior and 64.44% below the same week last year. The Philippines was the largest destination of 120,999 MT, with 68,640 MT shipped to Mexico and 54,999 MT headed to Nigeria. The marketing year total is now 6.343 MMT (233.47 mbu) of shipments, which is now 34.42% below the same period last year.

Ukraine’s ag minister sees no signs for a ceasefire on the Black Sea and doesn’t see one coming in the future months. 

Spec funds in Chicago wheat futures and options were increasing their net short as of September 22, a move of 8,968 contracts to a new net short of 13,144 contracts. Managed money in KC wheat was trimming 4,015 contracts from their net long to 41,743 contracts.

The next 7 days shows 2 to 4 inches of rain expected from TX to NE and further east, according to NOAA’s 7-day QPF. That adds much needed soil moisture to some dry areas but does slow planting progress.

Dec 26 CBOT Wheat  is at $6.90 3/4, down 12 1/2 cents,

Mar 27 CBOT Wheat  is at $7.05 3/4, down 12 1/2 cents,

Dec 26 KCBT Wheat  is at $7.48 1/2, down 13 1/2 cents,

Mar 27 KCBT Wheat  is at $7.60 1/2, down 13 1/2 cents,

Dec 26 MIAX Wheat  is at $7.04 1/2, down 9 cents,

Mar 27 MIAX Wheat  is at $7.24 1/2, down 9 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.