Wheat Recovering at Midday, Still Lower

Wheat futures trying to recover from early losses on Monday. MPLS is lead the way to the downside, with losses of 10 to 13 cents. KC wheat futures are down 6 to 8 ½ cents, with CBT contracts 3 to 5 ½ cents lower.

Monday morning’s Export Inspections report from FGIS showed wheat shipments of 373,227 MT for the week that ended on August 11. That was nearly half of what was reported for the week prior and down 37.13% vs. the same week last year. So far in the short MY, shipments have tallied 3.88 MMT, a 22.95% reduction over the same time in 21/22.

Iraq issued a tended to buy 50,000 MT of US wheat, with a close date of August 17. Saudi Arabia purchased 180,000 MT of wheat. 

Sep 22 CBOT Wheat  is at $8.00 1/2, down 5 1/2 cents,

Dec 22 CBOT Wheat  is at $8.17, down 5 1/2 cents,

Cash SRW Wheat  is at $7.47 1/2, down 5 1/4 cents,

Sep 22 KCBT Wheat  is at $8.84 1/4, down 5 cents,

Cash HRW Wheat  is at $8.38 1/4, down 5 1/4 cents,

Sep 22 MGEX Wheat  is at $9.09 1/2, down 10 cents,