Wheat Down on Monday’s Midday
On Monday, wheat futures in Chicago, KC, and MPLS traded lower by 10-13 cents amid weak market sentiment. USDA Export Inspections reported 375,546 MT shipped last week—50% above the previous week yet 22% below last year—with Mexico and South Korea as key destinations. Managed money covered wheat shorts, and US wheat planted acreage is estimated at approximately 46.7 million acres.
The three wheat markets are trading with weakness on Monday. Chicago SRW futures are 10 to 11 cents lower at midday. KC HRW futures are showing 10 to 13 cent losses to kick off the week. MPLS spring wheat is trading with 9 to 10 cents lower so far on the day.
USDA’s Export Inspections report indicated a total of 375,546 MT (13.8 mbu) of wheat shipped in the week that ended on 2/20. That was 50.14% larger than the previous week but still 22.09% below the same week in 2024. Mexico was the largest destination of 105,451 MT, with 68,284 MT to South Korea. Shipments for the marketing year have totaled 15.225 MMT (559.4 mbu), a 20.71% increase from the same week last year.
CFTC data from Friday afternoon showed managed money continuing to cover shorts in the Chicago wheat during the week that ended on 2/18, reducing the net short by 21,232 contracts to 61,577 contracts. In KC wheat, they timed back 8,158 contracts from their net short to 22,090 contracts by Tuesday.
US wheat planted acres are estimated to total 46.7 million acres in this week’s USDA Outlook Forum. That is according to a Bloomberg survey of analysts, with a 45.5 to 47.9 million acre range.
Mar 25 CBOT Wheat is at $5.79, down 11 cents,
May 25 CBOT Wheat is at $5.93 1/4, down 10 3/4 cents,
Mar 25 KCBT Wheat is at $5.98 1/2, down 10 3/4 cents,
May 25 KCBT Wheat is at $6.09 1/2, down 12 1/4 cents,
Mar 25 MGEX Wheat is at $6.22 3/4, down 9 cents,
May 25 MGEX Wheat is at $6.37 1/4, down 9 1/4 cents.
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Source : Nasdaq.com
