Wheat Posting Double Digit Gains

The wheat complex is trading higher at midday, with lower Russian estimates helping. Chicago contracts are 20 to 22 cents across most nearby contracts. Kansas City futures are 22 to 26 cents higher on Monday to start the week. MPLS spring wheat futures are up 13 to 18 cents.

The weekly FGIS Export Inspections report showed 366,339 MT (13.5 mbu) of wheat exported in the week that ended on May 9. That was a jump of 39.06% from a year ago and 8.01% larger vs. last week. China was the lead destination, with 116,240 MT headed that way, as 103,377 MT was on its way to South Korea. The year to date inspections as we are in the last month of the MY are at 17.648 MMT (648 mbu), a drop of 5.81% vs. last year. 

Commitment of Traders data from the CFTC showed spec traders in Chicago wheat trimming 5,506 contracts from their net short position to 42,360 contracts by May 7th. In Kansas City futures, they peeled back 5,597 contracts to a net short position of 24,013 contracts as of Tuesday, the smallest net short going back to October of last year.

Russia’s IKAR estimates the country’s wheat crop at 86 MMT, a drop of 5 MMT from their previous number and below the 88 MMT from USDA on Friday.

Jul 24 CBOT Wheat  is at $6.84 1/2, up 21 cents,

Sep 24 CBOT Wheat  is at $7.03 3/4, up 21 1/4 cents,

Jul 24 KCBT Wheat  is at $6.99 1/4, up 26 cents,

Sep 24 KCBT Wheat  is at $7.11 1/4, up 25 3/4 cents,

Jul 24 MGEX Wheat  is at $7.37 1/4, up 17 1/4 cents,

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