Wheat futures are riding the struggle bus on Monday, with contracts weaker across all three exchanges. Chicago contracts are down 5 to 8 cents at midday. Kansas City futures are 6 to 8 ½ cents lower. MPLS spring wheat contracts are showing 5 to 7 cent losses.
Rains fell over part of the Plains this past weekend, helping portions of wheat country that may have been dry otherwise.
Weekly wheat shipments totaled 358,254 MT as of last Thursday according to Export Inspections data from the FGIS. That was a jump of 60.9% from last week (the largest weekly total since September 28) and 22.9% larger than the same week last year. Much of the total was split between HRS (51.47%) and Soft White (37.44%), as HRW and SRW shipments totaled just 39,708 MT.
The weekly CFTC report showed spec traders were covering Chicago wheat shorts during the week that ended 11/14. That left the group 3k contracts less net short to 89,271. The managed money firms were adding new shorts in KC wheat, expanding their net short by 3.4k contracts to 37,449. The report showed the funds were closing shorts in MGE wheat, lightening their net short by 3.3k to 27,726 contracts.
Dec 23 CBOT Wheat is at $5.43 1/2, down 7 1/4 cents,
Mar 24 CBOT Wheat is at $5.70, down 5 3/4 cents,
Cash SRW Wheat is at $4.63 1/8, down 7 1/4 cents,
Dec 23 KCBT Wheat is at $6.10, down 8 cents,
Cash HRW Wheat is at $5.42 5/8, down 8 cents,
Dec 23 MGEX Wheat is at $7.09 1/4, down 6 1/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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