Wheat Falling Back to Close Out the Month

The wheat complex is facing some month end pressure to close out August. Chicago SRW contracts are falling back 25 to 26 cetns at midday. There were just 9 deliveries first notice day for Sep CBT wheat. KC HRW futures are trading with losses of 24 to 25 cents. There were 143 delivery notices for September KC wheat on FND. MPLS spring wheat is down 14 to 18 cents at midday.

Over the weekend, Turkey was reportedly pushing for a Black Sea shipping corridor to help restore the flow of grains, which have been limited 

Monday’s weekly Export Inspections report showed wheat shipments of 430,925 MT (15.83 mbu) in the week of 8/27. That was slightly below the week prior and 46.46% below the same week last year. The Philippines was the largest destination of 131,831 MT, with 100,544 MT shipped to Taiwan and 70,756 MT to Mexico. Shipments for the marketing year are now 4.777 MMT (175.52 mbu) of wheat, which is 28.4% below the same period last year.

CFTC’s weekly Commitment of Traders report showed managed money cutting back another 12,314 contracts from their CBT wheat net short position in the week of 8/25 to a net short of 14,171 contracts. Nearby Chicago has rallied 82 cents since Tuesday’s close. In KC wheat, specs added another 9,227 contracts to their net long to 44,062 contracts.

Sep 26 CBOT Wheat  is at $7.41 1/4, down 25 3/4 cents,

Dec 26 CBOT Wheat  is at $7.59 1/4, down 24 3/4 cents,

Sep 26 KCBT Wheat  is at $8.03, down 24 3/4 cents,

Dec 26 KCBT Wheat  is at $8.19 3/4, down 24 1/2 cents,

Sep 26 MIAX Wheat  is at $7.30 1/2, down 14 3/4 cents,

Dec 26 MIAX Wheat  is at $7.51 1/2, down 17 3/4 cents,