The wheat complex is posting mixed trade on Monday, as the spring wheat is posting modest strength. Chicago SRW contracts are trading 1 to 2 ¼ cents lower so far on the session. KC HRW futures are posting 3 to 4 cent losses on Monday. MPLS spring wheat is trading with midday gains of 3 to 6 cents in the front months.
Monday morning’s Export Inspections report showed just 248,543 MT (9.132 mbu) of wheat shipped in the week of 11/5. That was more 2.4 times the previous week but 14.72% below the same week last year. Vietnam was the largest destination of 68,469 MT, with 55,847 MT shipped to Mexico and 52,344 MT to Nigeria. The marketing year total is now 7.804 MMT (286.75 mbu) of wheat shipped since June 1, which is 35.6% below the same period last year.
Commitment of Traders data showed managed money increasing their net short in Chicago wheat futures and options by 13,867 contracts, taking it to 88,726 contracts. In KC wheat, they were busy increasing their new net short by 4,857 contracts to 6,722 contracts.
USDA’s monthly WASDE report will be released on Tuesday, with Bloomberg survey of analysts looking for US wheat stocks to be raised by 4 mbu to 744 mbu.
APK-Inform estimate the Ukrainian 2026 wheat crop at 26.5 MMT, up 1 MMT from the month prior’s number. SovEcon estimates the 2026/27 Russian wheat export number at 36 MMT, down 0.7 MMT from their prior number.
Algeria issued a tender for wheat imports with a deadline for offers of November 11. Turkey also issued a tender for 400,000 MT of wheat with a deadline of November 17.
Dec 26 CBOT Wheat is at $5.89, down 2 1/4 cents,
Mar 27 CBOT Wheat is at $6.01 1/4, down 1 1/2 cents,
Dec 26 KCBT Wheat is at $6.28 3/4, down 3 3/4 cents,
Mar 27 KCBT Wheat is at $6.36 1/4, down 3 1/2 cents,
Dec 26 MIAX Wheat is at $6.21 3/4, up 5 3/4 cents,
Mar 27 MIAX Wheat is at $6.33 3/4, up 3 1/2 cents,