Wheat Higher at Midday
The wheat complex is showing stronger trade on Monday. KC HRW futures are up 1 to 3 so far. CBT futures are showing midday strength of 3 to 4 cents on Monday. MPLS spring wheat is trading with 1 to 3 cent gains at midday.
Export Inspections data showed 365,486 MT (13.43 mbu) of wheat shipped in the week that ended on August 7, which was down 47.01% from the week prior and 45.37% below the same week last year. Mexico was the top destination of 80,401 MT, with 68,034 MT to Vietnam and 49,658 MT to Nigeria. Marketing year shipments have totaled 4.367 MMT (160.45 mbu) since June 1, 2.37% larger yr/yr.
Weekly CFTC data showed a total of 15,445 contracts added to the spec fund net short position in CBT wheat as of 8/5, taking it to 80,759 contracts. In KC wheat futures and options, managed money added 9,783 contracts to that net short to 57,063 contracts.
Analysts estimate the US wheat production total to be tallied at 1.922 billion bushels in Tuesday’s Crop Production report, which would be down 7 mbu from last month. They also see new crop stocks down 8 mbu to 882 mbu.
Ukraine’s wheat production estimate from APK-Inform was trimmed by 0.9 MMT to 19.7 MMT.
Sep 25 CBOT Wheat is at $5.18, up 3 1/2 cents,
Dec 25 CBOT Wheat is at $5.38 1/4, up 3 1/4 cents,
Sep 25 KCBT Wheat is at $5.20 3/4, up 2 1/2 cents,
Dec 25 KCBT Wheat is at $5.39, up 1 3/4 cents,
Sep 25 MGEX Wheat is at $5.79 1/4, up 2 1/2 cents,
Dec 25 MGEX Wheat is at $5.98 1/2, up 1 1/4 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.
