The wheat market is reversing the stronger overnight trade, with losses at midday. Contracts in Chicago are down 9 to 10 cents. Kansas City futures are also posting 9 to 10 cent lower action. MPLS spring wheat is down 5 to 6 cents at midday.
All wheat exports were tallied at 416,010 MT in the final full week of the 23/24 MY according to FGIS Export Inspections data. That was an improvement of 4.29% from the week prior and 36.7% above the same week last year. The Philippines were the top destination of 98,559 MT, with 83,448 MT to Mexico. Nearly full year data shows 18.709 MMT of shipments, a 5.52% drop from the year prior.
The weekly Commitment of Traders report had spec traders in Chicago wheat adding just 838 contracts in a week, taking their net short position to 25,431 contracts by Tuesday. In Kansas City futures, they cut 7,016 contracts from their short position to just 9,748 contracts as of May 28.
ABARES raised their Australian wheat crop estimate by 0.7 MMT to 29.1 MMT, near the USDA 29 MMT projection.
Jul 24 CBOT Wheat closed at $6.69 1/4, down 9 1/4 cents,
Sep 24 CBOT Wheat closed at $6.90 1/2, down 9 cents,
Jul 24 KCBT Wheat closed at $6.99 3/4, down 9 cents,
Sep 24 KCBT Wheat closed at $7.14, down 9 1/4 cents,
Jul 24 MGEX Wheat closed at $7.33 3/4, down 6 cents,
Sep 24 MGEX Wheat closed at $7.43 3/4, down 6 cents,
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