The wheat complex is continuing lower across all three exchanges at we trade through Monday. Chicago SRW futures are down 5 to 6 cents. KC HRW contracts are trading with 6 to 7 cent losses. MPLS spring wheat is posting losses of 4 to 6 cents.
Rains are making their way back into the forecast, with parts of the country ranging from the Texas Panhandle to the Great Lakes, with a range of 1 to up to 5 inches per NOAA’s 7-day QPF.
Weekly Export Inspections report showed wheat exports at 248,534 MT (9.13 mbu), which was a 7.4% drop from last week but up 25.3% from the same week last year. That took the total marketing year shipments to 9.509 MMT (349.4 mbu). That is a 33.5% increase over the same period last year.Â
Managed money was adding back to their net short in CBT wheat futures and options by 2,902 in the week of October 22 to a net short of -28,915 contracts according to CFTC data. In KC, they were trimming their net short by 841 contracts to -5,647 contracts
Dec 24 CBOT Wheat  is at $5.63 1/2, down 5 1/2 cents,
Mar 25 CBOT Wheat  is at $5.84 1/4, down 5 cents,
Dec 24 KCBT Wheat  is at $5.65 1/2, down 6 1/2 cents,
Mar 25 KCBT Wheat  is at $5.80 1/4, down 6 cents,
Dec 24 MGEX Wheat  is at $6.00, down 5 1/4 cents,
Mar 25 MGEX Wheat  is at $6.22 3/4, down 4 3/4 cents,
On the date of publication, Austin Schroeder 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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