Wheat Posting Monday Gains

The wheat complex is showing midday gains on Monday. Chicago SRW futures are 12 to 13 cents higher on the day.  KC HRW futures are 6 to 9 ¼ cents in the green at midday. MPLS spring wheat are up 2 to 3 cents in the front months on Monday.

Export Inspections data showed wheat at 365,156 MT (13.42 mbu) shipped in the week that ended on April 23. That was down 29.53% from last week and 43.84% below the same week last year. The Philippines was the top destination of 84,898 MT, with 84,134 MT to Japan and 54.999 MT to South Korea. Marketing year shipments have totaled 21.856 MMT (716.56 mbu), which is down 24.7% yr/yr.

Ahead of the USDA Crop Progress report, analysts are looking for the US winter wheat crop ratings to slip 1% to 29% gd/ex. Spring wheat is expected to be 24% planted as of Sunay. 

Managed money in CBT wheat futures and options added 3,451 contracts back to their net short position in the week of 4/21, taking it to 10,717 contracts. In KC wheat, they added 11,085 contracts to their net long position at 28,009 as of Tuesday.

Saudi Arabia purchased a total of 985,000 MT of wheat purchased in their tender overnight.

May 26 CBOT Wheat  is at $6.21, up 12 3/4 cents,

Jul 26 CBOT Wheat  is at $6.29, up 12 1/4 cents,

May 26 KCBT Wheat  is at $6.68 1/4, up 9 1/4 cents,

Jul 26 KCBT Wheat  is at $6.76 1/4, up 6 1/2 cents,

May 26 MIAX Wheat  is at $6.78, up 2 cents,

Jul 26 MIAX Wheat  is at $6.95 1/2, up 2 1/4 cents,