Wheat Showing Mixed Action on Monday

The wheat complex is showing mixed action on Monday, with KC the weakest. Chicago SRW futures are 6 to 7 cents higher at midday. KC HRW futures are down 2 to 3 cents reverting from some recent strength. MPLS spring wheat is 5 to 6 cents higher so far on Monday.

Monday morning’s Export Inspections report showed 364,219 MT (13.38 mbu) of wheat shipped in the week of 3/26. That was 20.73% above the week prior and 27.38% larger than the same week last year. Japan was the largest destination of 107,579 MT, with 90,290 MT shipped to Nigeria and 85,263 MT to Mexico. The marketing year total is now 20.295 MMT (745.72 mbu) of wheat shipped since June 1, which is 16.7% above the same period last year.

Over the weekend, forecasts shifted a little further west, with more portions of the Plains getting some moisture. Portions of the western Plains are now covered, with heavier totals in the eastern half. 

Commitment of Traders data showed managed money in CBT wheat at a net short of 2,234 contracts, a reduction of 10,468 contracts over the last week, and the smallest net short since July 2022. In KC wheat, specs were net long 9,705 contracts, a 1,021 contract reduction in the last week.

March Intentions data will be out on Tuesday, as traders are looking for 44.79 million acres of wheat this year, down 544,000 acres from a year ago if realized. Grain Stocks data is estimated at 1.31 bbu for wheat, which would be 73 mbu above a year ago.

May 26 CBOT Wheat  is at $6.11 1/4, up 6 1/4 cents,

Jul 26 CBOT Wheat  is at $6.22 1/2, up 6 1/2 cents,

May 26 KCBT Wheat  is at $6.30 1/4, down 2 1/2 cents,

Jul 26 KCBT Wheat  is at $6.44 3/4, down 2 3/4 cents,

May 26 MIAX Wheat  is at $6.54, up 5 3/4 cents,

Jul 26 MIAX Wheat  is at $6.67 1/4, up 5 cents,