Wheat Posting Monday Losses
The wheat market is falling lower on Monday, with contracts in the red across the three markets. Chicago SRW futures are posting 10 to 11 cent losses so far on Monday. Kansas City HRW futures are falling 7 to 8 cents so far at midday. Minneapolis spring wheat futures are steady to 2 cents weaker on Monday.
Weekly Export Inspections data tallied wheat shipments at 310,326 MT (11.4 mbu) in the week that ended on May 1. That was down 42.2 % from the week prior and 8.48% below the same week last year. Mexico was the largest destination of 117,775 MT, with 105,015 MT headed to the Philippines. Marketing year shipments are now 19.772 MMT (726.5 mbu), an increase of 14.41% from the same week last year.
Expectations ahead of the weekly Crop Progress update are for spring wheat to be 44% planted. Winter wheat conditions are estimated to improve to 50%.
The Friday afternoon Commitment of Traders report showed a total of 31,486 contracts added to the spec net short in CBT wheat futures and options. That took their net short to 121,415 contracts, the largest since May 2023. In KC wheat, managed money added 10,645 contracts to a record net short of 67,269 contracts.
Taiwan mills purchased a total of 68,650 MT of wheat from the US overnight.
May 25 CBOT Wheat is at $5.25 1/4, down 1 1/4 cents,
Jul 25 CBOT Wheat is at $5.32 1/4, down 10 3/4 cents,
May 25 KCBT Wheat is at $5.28, down 1/2 cent,
Jul 25 KCBT Wheat is at $5.33 1/4, down 8 cents,
May 25 MGEX Wheat is at $6.16 1/2, unch,
Jul 25 MGEX Wheat is at $6.09 3/4, down 1 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.