Wheat futures are coming out of the Labor Day holiday with gains at midday. Chicago SRW futures are up 15 to 19 cents in the nearbys at midday. KC HRW is 13 to 15 cents higher in the front months. MPLS spring wheat is posting 4 to 8 cent gains on Tuesday.
USDA’s weekly Export Inspections report showed 577,944 MT (21.2 mbu) of wheat shipped in the week that ended on August 29. That was well above the same week last year and 5.18% above the same week last year. Mexico was the largest destination of 135,061 MT, with 112,672 MT headed to the Philippines. Marketing year shipments are 5.736 MMT (210.77 mbu) through 8/29, up 31.92% from last year.
Friday’s Commitment of Traders report showed CBT wheat spec traders adding back 3,217 contracts to their net short to 56,202 contracts as of August 27. In KC wheat, they trimmed back 3,482 contracts from their net short at 32,002 contracts as of Tuesday.
Wheat production out of Australia is pegged at 31.8 MMT according to ABAREA, up 2.7 MMT from their previous number.
Sep 24 CBOT Wheat is at $5.51 3/4, up 19 cents,
Dec 24 CBOT Wheat is at $5.67, up 15 1/2 cents,
Sep 24 KCBT Wheat is at $5.67 1/4, up 14 3/4 cents,
Dec 24 KCBT Wheat is at $5.78 1/2, up 13 1/4 cents,
Sep 24 MGEX Wheat is at $5.78, up 4 1/4 cents,
Dec 24 MGEX Wheat is at $6.08 1/4, up 7 3/4 cents,
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