Wheat Posting Weakness on Monday

The wheat complex continues to slide back lower on Monday, with the three exchanges showing weakness. CBT soft red wheat futures are trading with contracts 10 to 11 cents in the red on Monday. KC HRW futures are posting 4 to 5 cent losses at midday. MPLS spring wheat futures are down 2 to 3 cents so far on the day.

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This morning’s Export Inspections report showed a total of 854,454 MT (31.4 mbu) of wheat shipped in the week of 9/18. That was 12.96% above the week prior and 17.92% larger than same week last year. The Philippines were the largest buyer of 131,998 MT, with 117,247 MT shipped to Mexico and 67,340 MT to Vietnam. The marketing year total is now at 8.711 MMT (320 mbu) shipped, which is 12.66% above the same period last year.

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The Friday afternoon Commitment of Traders report indicated spec funds in Chicago wheat futures and options were trimming back their net short position by 6,569 contracts as of Tuesday, taking the total to 85,825 contracts. In Kansas City wheat futures and options, they trimmed their net short position by 1491 contracts, taking it to 51,534 contracts as of September 16.

Dec 25 CBOT Wheat  is at $5.11 1/2, down 11 cents,

Mar 26 CBOT Wheat  is at $5.30 1/4, down 10 1/2 cents,

Dec 25 KCBT Wheat  is at $5.03, down 4 1/4 cents,

Mar 26 KCBT Wheat  is at $5.24 1/2, down 4 3/4 cents,

Dec 25 MGEX Wheat  is at $5.65, down 2 1/2 cents,

Mar 26 MGEX Wheat  is at $5.85 1/4, down 2 3/4 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. This article was originally published on Barchart.com

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