Wheat futures are showing weakness across all three exchanges at midday. Chicago SRW futures are down 3 to 5 cents on the day. Kansas City HRW contracts are 3 to 4 cents lower. MPLS spring wheat is 6 to 8 cents in the red as we trade through midday.
Weekly Export Inspections data showed 440,888 MT (16.19 mbu) of wheat shipments in the week that ended on August 1. That was a 2.87% drop from last week, but 38.38% above the same week in 2023. The destinations were spread out, with Mexico leading the way at 69,721 MT. Total shipments have totaled 3.539 MMT (130 mbu) so far in the first two months, a 15.68% increase from last year.
Crop Progress data released this afternoon is expected to show harvest at 9% complete, with condition ratings seen down 1% to 73% gd/ex. Winter wheat harvest is expected to progress to 89% complete.
Friday’s Commitment of Traders report shows managed money adding 2,432 contracts to their net short position in CBT wheat futures + options, at 77,616 contracts by July 30.
Sep 24 CBOT Wheat is at $5.34, down 5 cents,
Dec 24 CBOT Wheat is at $5.58 3/4, down 3 1/2 cents,
Sep 24 KCBT Wheat is at $5.56, down 3 3/4 cents,
Dec 24 KCBT Wheat is at $5.72 1/2, down 3 3/4 cents,
Sep 24 MGEX Wheat is at $5.87, down 8 cents,
Dec 24 MGEX Wheat is at $6.07 3/4, down 6 3/4 cents,
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