Wheat Giving Back Recent Strength

Wheat is trading with weakness at Monday’s midday, as contracts are down across the three markets. Chicago SRW futures are down 12 to 13 cents across the nearbys on the day. KC HRW contracts are posting 10 to 11 cent losses across most front months. MPLS spring wheat is down 6 to 7 cents on the session. Futures are giving back much of last weekly escalating Black Sea conflict premium. 

USDA’s Export Inspections report showed a total 360,513 MT  (13.25 mbu) of wheat shipped in the week that ended on 11/21. That was a jump of 83.24% from last week and 24.98% above the same week last year. Japan was the largest destination of 138,621 MT, with the Philippines in for 57,523 MT. Marketing year shipments have totaled 10.69 MMT (392.65 mbu), which is an increase of 31.15% over last year. 

CFTC’s Commitment of Traders report tallied managed money in Chicago wheat at a net short 51,546 contracts, an increase of 6,239 contracts on the week. In KC, the were net shoer 29,375 contracts, a 4,277 jump since the previous Tuesday. For MGE spring wheat, they were near a record net short, at 30,002 contracts, an additional 7,578 contracts from the week prior. 

Dec 24 CBOT Wheat  is at $5.31 1/2, down 12 3/4 cents,

Mar 25 CBOT Wheat  is at $5.52 1/2, down 12 1/4 cents,

Dec 24 KCBT Wheat  is at $5.43 3/4, down 10 1/2 cents,

Mar 25 KCBT Wheat  is at $5.54 3/4, down 10 3/4 cents,

Dec 24 MGEX Wheat  is at $5.80, down 6 cents,

Mar 25 MGEX Wheat  is at $5.94 1/2, down 7 cents,