Wheat Higher on Monday’s Midday

The wheat complex is holding onto the early gains are midday. Chicago SRW contracts are posting 7 to 8 cent gains on the session. KC HRW futures are 5 to 6 cents higher at Monday’s midday. MPLS spring wheat is trading with 6 to 9 cents higher so far on Monday.

Monday morning’s Export Inspections report showed wheat shipments of 302,356 MT (11.11 mbu) in the week of 10/1. That was down 10.29% from the week prior and 48.95% below the same week last year. The Philippines was the largest destination of 63,280 MT, with 59,056 MT shipped to Bangladesh and 51,448 MT headed to Taiwan. The marketing year total is now 6.672 MMT (245.14 mbu) of shipments, which is now 35% below the same period last year.

Commitment of Traders data from CFTC showed managed money adding 8,526 contracts to their net short position in Chicago wheat futures and options, taking it to 21,670 contracts as of Tuesday. In Kansas City wheat futures and options, they were busy cutting back 11,033 contracts from their net long position to just 30,710 contracts as of September 29^th.

The Saudi Arabia tender for wheat was filled overnight, with total purchases of 683,000 MT of wheat. 

Dec 26 CBOT Wheat  is at $6.90 3/4, up 7 3/4 cents,

Mar 27 CBOT Wheat  is at $7.04 1/2, up 7 3/4 cents,

Dec 26 KCBT Wheat  is at $7.41, up 5 3/4 cents,

Mar 27 KCBT Wheat  is at $7.53 3/4, up 5 3/4 cents,

Dec 26 MIAX Wheat  is at $7.06 1/4, up 8 1/4 cents,

Mar 27 MIAX Wheat  is at $7.23 1/2, up 6 1/4 cents,