Wheat Showing Mixed Trade at Midday

Wheat futures are trading mixed across the three exchanges at midday. Chicago SRW futures are up 1 ½ cents in the December contract. KC HRW is just ¼ cent higher at midday in Dec. MPLS spring wheat is showing a 4 cent losses for the December contract.

USDA’s Export Inspections report showed wheat stocks slipping to 586,687 MT from the previous week. That was down 2.65% from last week but 44.15% above the same week in 2023. The top destination was Mexico at 146,961 MT, with 90,711 MT shipped to Taiwan. Year to date shipments since the start of the marketing year are 33.55% above last year at 6.35 MMT. 

The weekly update to CFTC data showed spec funds in Chicago wheat cutting 13,578 contracts from their net short position as of Tuesday, taking it to the smallest since early June at 42,624 contracts. In KC wheat, they were covering 4,765 contracts of their net short to 27,237 contracts.

Canadian wheat stocks as of July 31 were shown at 4.583 MMT according to Stats Canada above estimates but still 18.5% below a year ago. Russian crop production estimates for the 2024/25 wheat crop were trimmed by 1.6 MMT to 82.2 MMT by the IKAR consultancy firm. 

Sep 24 CBOT Wheat  is at $5.53 1/4, down 7 3/4 cents,

Dec 24 CBOT Wheat  is at $5.68 1/2, up 1 1/2 cents,

Sep 24 KCBT Wheat  is at $5.74, up 4 1/4 cents,

Dec 24 KCBT Wheat  is at $5.77 3/4, up 1/4 cent,

Sep 24 MGEX Wheat  is at $5.84, down 1 1/4 cents,

Dec 24 MGEX Wheat  is at $6.09 3/4, down 4 cents,

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