Wheat Fading Early Gains for Mixed Midday Trade

The wheat complex is showing mixed midday trade, with contracts fading early gains. Chicago SRW contracts are up 2 cents in the front months. KC HRW futures are fractionally lower in the nearby contracts. MPLS spring wheat is within a penny on either side of unchanged.

Monday morning’s Export Inspections report showed just 75,413 MT (18.79 mbu) of wheat shipped in the week of 10/29. That was 41.34% below last week, 78.54% below the same week last year, and the lowest for any week since the record started in1983. Mexico was the largest destination of 38,619 MT, with 28,482 MT shipped to Taiwan. The marketing year total is now 7.528 MMT (276.62 mbu) of wheat shipped since June 1, which is 36.34% above the same period last year.

CFTC’s weekly Commitment of Traders report indicated managed money in Chicago wheat futures and options adding another 23,725 contracts to their net short position as of Tuesday, holding a net short of 74,859 contracts. As of October 27th, spec funds flipped to a net short of 1,865 contracts, a move of 8,260 contracts on that week.

Dec 26 CBOT Wheat  is at $6.05 1/2, up 2 cents,

Mar 27 CBOT Wheat  is at $6.19, up 2 cents,

Dec 26 KCBT Wheat  is at $6.44, down 1/4 cent,

Mar 27 KCBT Wheat  is at $6.53 1/2, down 1/4 cent,

Dec 26 MIAX Wheat  is at $6.24 3/4, up 1 cent,

Mar 27 MIAX Wheat  is at $6.41 1/4, down 1/2 cent,