Wheat Collapsing at Monday’s Midday
Wheat futures are posting sharp Monday losses of double digits at midday. Chicago SRW futures are down 18 to 19 cents on the day. KC HRW is 16 to 18 cents lower. MPLS spring wheat is showing 16 to 18 cents across the front months.
Weekly Export Inspections data from FGIS showed 556,901 MT of wheat shipped in the week that ended on September 12. That was a drop of 10.3% from last week but an improvement of 31.77% from the same week last year. Of that total, 113,861 MT was headed to Thailand, with 96,393 MT shipped to the Philippines, and 93,397 MT to Mexico.
Friday afternoon’s CFTC report showed spec funds covering 13,227 contracts of their large net short position in CBT wheat futures and options as of September 10, to 29,397 contracts. In KC wheat, they peeled back 8,727 contracts from their net short to 18,510 contracts.
Stats Canada wheat estimates for the 2024 crop were released this morning, showing a projection of 34.29 MMT for total wheat production, up 4.1% from last year, but shy of the 35 MT estimate from the WASDE last week.
Dec 24 CBOT Wheat is at $5.77 1/2, down 17 1/4 cents,
Mar 25 CBOT Wheat is at $5.96, down 16 1/4 cents,
Dec 24 KCBT Wheat is at $5.81, down 19 cents,
Mar 25 KCBT Wheat is at $5.94 1/4, down 18 1/2 cents,
Dec 24 MGEX Wheat is at $6.17 3/4, down 17 3/4 cents,
Mar 25 MGEX Wheat is at $6.39, down 16 1/2 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.