Wheat futures are mixed across three US markets, as MPLS spring wheat is up 6 to 10 ½ cents across most contracts. Chicago futures are 2 to 3 cents in the green at midday. Kansas City contracts are the weak spot, down fractionally to a penny on Monday.
Crop Progress data is expected to show slightly weaker condition ratings this afternoon at 76% good/excellent.
Weekly Export Inspections data from Monday morning showed 237,965 MT (8.7 mbu) of wheat shipped during the week that ended on July 18. That was well below the previous week and down 34.11% from the same week last year. US exporters shipped 78,445 MT to Mexico, with 47,268 MT headed to Japan. Exports for the marketing year have totaled 2.591 MMT (95.2 mbu) in the first month and a half of the MY. That is a 20.22% increase from the same point last year.
The Friday afternoon Commitment of Traders report from CFTC showed the managed money spec funds drifting more bearish during the week, adding 6,749 contracts to their Chicago net short and 3,085 contracts to their net short in KC HRW futures during the week ending July 16.
Sep 24 CBOT Wheat is at $5.45 1/2, up 2 3/4 cents,
Dec 24 CBOT Wheat is at $5.71, up 3 cents,
Sep 24 KCBT Wheat is at $5.69, down 1 cent,
Dec 24 KCBT Wheat is at $5.86 1/4, down 1/2 cent,
Sep 24 MGEX Wheat is at $6.18 1/4, up 8 1/2 cents,
Dec 24 MGEX Wheat is at $6.35 3/4, up 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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