Double Digit Weakness for Midday Wheat

Monday’s wheat trading has pulled futures double digits lower. Front month SRW futures are down 14 1/4 to 15 1/4 cents so far. KC HRW prices are trading with 14 3/4 to 16 1/2 cent losses through midday. Spring wheat futures are down by 11 1/4 to 14 cents so far in the front months.

Weekly Export Inspections data had 520,464 MT of wheat exports for the week that ended 9/22. That was down from 836k MT the week prior, but was up 36% from the same week last year. The weekly export was divided out as 33% HRS, 29% HRW, and 27% white. China was the week’s top destination. Accumulated wheat shipments reached 7.778 MMT – compared to 8.134 MMT last year.

Weekly Commitment of Traders data had CBT wheat specs reducing their net short through the week that ended 9/20. The short covering left the group 4,683 contracts less net short at 15,703 contracts. In KC wheat, the funds were 2,067 contracts more net long to 19,059 contracts. CFTC data had spring wheat spec traders at 2,369 contracts net long after net new buying flipped the groups net position. 

Dec 22 CBOT Wheat  is at $8.66 3/4, down 13 3/4 cents,

Mar 23 CBOT Wheat  is at $8.80, down 13 3/4 cents,

Cash SRW Wheat  is at $7.98, down 13 3/4 cents,

Dec 22 KCBT Wheat  is at $9.34 3/4, down 15 3/4 cents,

Cash HRW Wheat  is at $8.93 5/8, down 15 5/8 cents,

Dec 22 MGEX Wheat  is at $9.36 3/4, down 12 1/2 cents,