The wheat complex is trading through Monday with slight gains. CBT soft red wheat futures are 1 to 2 cents higher so far on the session. KC HRW futures are posting 3 to 4 cent gains on Monday. MPLS spring wheat futures are showing 1 to 2 cent gains at midday.
Export Inspections data showed 738,604 MT (27.14 mbu) of wheat shipped in the week that ended on September 25, which was a drop of 21.41% from the week prior but 33.85% below the same week last year. Nigeria was the top destination of 140,472 MT, with 117,824 MT to Bangladesh and 89,115 MT to Japan. Marketing year shipments have totaled 9.537 MMT (350.4 mbu), 15.12% larger yr/yr.
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Spec traders in Chicago wheat futures and options increased their net short position by 12,110 contracts to 97,935 contracts as of September 23. In Kansas City wheat, managed money was busy trimming back their net short by 1,230 contracts as of Tuesday to 50,304 contracts.
USDA’s Grain Stocks report will be released on Tuesday, with analysts looking for 2.054 bbu of wheat stocks on hand on September 1 according to Bloomberg’s survey. The range of estimates is 1.975 to 2.22 bbu. The Small Grains Summary is expected to show all wheat production at 1.921 bbu, which would be 6 mbu below the August Crop Production report.
Dec 25 CBOT Wheat is at $5.21 1/4, up 1 1/2 cents,
Mar 26 CBOT Wheat is at $5.39 1/4, up 1 cent,
Dec 25 KCBT Wheat is at $5.09, up 3 1/2 cents,
Mar 26 KCBT Wheat is at $5.29 1/2, up 3 1/4 cents,
Dec 25 MGEX Wheat is at $5.69 1/4, up 1 1/2 cents,
Mar 26 MGEX Wheat is at $5.89, up 1 cent,
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.
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