The wheat market is mostly weaker as we trade through the midday session on Monday. Chicago SRW futures are down 4 to 5 ½ cents in the front months. KC HRW us mixed, with September up 1 and Dec down 1 1/4. MPLS spring wheat is down 6 to 11 cents at midday.
Export Inspections data showed a total of 537,179 MT (19.74 mbu) of wheat exported for the week that ended on August 22. That was up 44.1% from the previous week and 37.6% larger than the same week in 2023. South Korea was the largest destination of 95,579 MT, with 66,113 MT headed to Vietnam. In the nearly 3 months of the marketing year, the accumulated shipments are 5.146 MMT (189 mbu), up 27.69% from last year.
Friday afternoon’s Commitment of Traders report showed speculators in Chicago wheat futures and options covering 20,303 contracts from their net short position as of August 20 to 52,985 contracts. In KC wheat, they added 2,495 contracts back to their net short at 35,319 contracts by Tuesday.
Sep 24 CBOT Wheat is at $4.96 3/4, down 5 1/2 cents,
Dec 24 CBOT Wheat is at $5.23 3/4, down 4 1/4 cents,
Sep 24 KCBT Wheat is at $5.21, up 1 cent,
Dec 24 KCBT Wheat is at $5.33 3/4, down 1 1/4 cents,
Sep 24 MGEX Wheat is at $5.40 3/4, down 11 cents,
Dec 24 MGEX Wheat is at $5.66, down 6 1/4 cents,
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