Wheat Posting Midday Strength

The wheat complex is trading with gains on Monday. Chicago SRW contracts are 12 to 13 cents higher at midday. KC HRW futures are 11 to 12 cents in the green on the day. MPLS spring wheat is 8 to 9 cents higher so far on Monday.

The weekly Export Inspections report showed wheat shipments of 335,313 MT (12.32 mbu) in the week of 7/30. That was a 19.68% drop from the week prior less than half of the same week last year. South Korea was the largest destination of 90,198 MT, with 68,166 MT shipped to Thailand and 57,815 MT to the Philippines. Shipments for the marketing year are now at 2.907 MMT (106.8 mbu) of wheat, which is 27.36% below the same period last year.

Weekly Commitment of Traders data indicated managed money in CBT wheat futures and options slashing their net short by another 12,469 contracts in the week ending on July 28, taking it to just 6,880 contracts. In KC wheat, they added another 3,289 contracts to their net long, now at 33,233 contracts.

A South Korean mill has issued a tender to buy 50,000 MT of US wheat with at Tuesday deadline.

Sep 26 CBOT Wheat  is at $6.51 3/4, up 12 1/2 cents,

Dec 26 CBOT Wheat  is at $6.70, up 12 1/2 cents,

Sep 26 KCBT Wheat  is at $7.18 1/2, up 11 cents,

Dec 26 KCBT Wheat  is at $7.34 3/4, up 11 cents,

Sep 26 MIAX Wheat  is at $6.98 1/4, up 8 1/2 cents,

Dec 26 MIAX Wheat  is at $7.23, up 8 1/2 cents,