Wheat Trade Positive on Monday
The wheat complex is pushing higher across the exchanges on Monday. Chicago SRW futures are up 2 to 2 3/4 cents across the front months. KC HRW contracts are up 3 to 4 cents so far at midday. MPLS spring wheat is trading with 3 to 4 cent gains on the day.
Wheat export inspections totaled 363,460 MT (13.35 mbu) in the week that ended on October 3. That was 18.75% above the same week last year, but down 34.03% from the week prior. The largest destination was South Korea at 85,348 MT, with 78,653 MT headed to Japan. Accumulated shipments have totaled 8.61 MMT (316.44 mbu), which is 34.6% above the same period in the previous marketing year.
Money managers in Chicago wheat were trimming 3,516 contracts from their net short as of 10/1 to 22,953 contracts, which is the smallest net short in nearly 2 years. In KC wheat they pared back 4,676 contracts to a net short of 15,270 contracts.
Dec 24 CBOT Wheat is at $5.91 3/4, up 2 cents,
Mar 25 CBOT Wheat is at $6.15 1/2, up 2 3/4 cents,
Dec 24 KCBT Wheat is at $6.01 3/4, up 3 3/4 cents,
Mar 25 KCBT Wheat is at $6.18 1/4, up 3 3/4 cents,
Dec 24 MGEX Wheat is at $6.42 1/4, up 3 3/4 cents,
Mar 25 MGEX Wheat is at $6.63 3/4, up 3 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.