Wheat Facing Monday Weakness

The wheat complex are coming out of the long weekend with losses across the three markets. Chicago SRW futures are starting the week with losses of 4 cents in the front months. KC HRW futures are down 10 to 11 cents on Monday. MPLS spring wheat is trading with 4 to 5 ¼ cent losses at midday. 

The next week looks a little wetter for parts of the Southern Plains, with parts of Central Texas through the panhandle and up through parts of Nebraska are seen with nearly 1 inch of precip. We will get our first look at the Crop Progress report from a national level this afternoon. A Bloomberg survey of analysts estimates the crop will be rated at 42% gd/ex, with a range of 38-45%.

Export Inspections data showed wheat at 334,106,427 MT (12.27 mbu) shipped in the week that ended on April 2. That was down 13.5% from last week, and 0.38% below the same week last year. Mexico was the top destination of 273,703 MT, with 57,763 MT to Indonesia and 55,000 MT to South Korea. Marketing year shipments have totaled 17.73 MMT (651.4 bbu), which is down 16.6% yr/yr.

Commitment of Traders data showed CBT wheat specs at a net long for the first time since June 2022 at 8,641 contracts, a 10,875 flip in the week ending on March 31. In KC wheat, managed money was net long 21,517 contracts, a 11,812 contract increase on the week. MPLS wheat spec funds were a record net long of 21,156 contracts. 

May 26 CBOT Wheat  is at $5.94 1/4, down 4 cents,

Jul 26 CBOT Wheat  is at $6.05 1/2, down 4 cents,

May 26 KCBT Wheat  is at $6.05, down 10 3/4 cents,

Jul 26 KCBT Wheat  is at $6.21, down 10 cents,

May 26 MIAX Wheat  is at $6.41 1/2, down 5 1/4 cents,

Jul 26 MIAX Wheat  is at $6.56 1/4, down 4 1/4 cents,