Wheat Weakness Continuing at Midday
Wheat futures plunged at midday Monday, with Chicago SRW down 7–8 cents, Kansas City HRW off 4–5 cents, and Minneapolis spring wheat dropping 9–12 cents. Weekly wheat export inspections totaled 388,752 MT, up from last week but still 5.5% below last year. Managed money reduced short positions, though net shorts remain high in both Chicago and Kansas City wheat.
Wheat futures are deep in the red at Monday’s midday. Chicago SRW futures are down 7 to 8 cents across most front months. Kansas City HRW contracts are also 4 to 5 cents lower so far on the session. Minneapolis spring wheat futures are 9 to 12 cents in the red.
Weekly Export Inspections data tallied wheat shipments at just 388,752 MT (14.28 mbu) in the week that ended on June 12. That was back up 19.91% from the week prior and 5.54% below the same week last year. Nigeria was the largest destination of 75,721 MT, with 66,000 MT headed to the Philippines and 55,824 MT to Thailand.
Weekly CFTC data showed managed money cutting back 6,561 contracts from their large net short position in Chicago wheat futures and options. They held a net short of 94,011 contracts by Tuesday. In Kansas City wheat, they trimmed 3,064 contracts from their large net short to 74,964 contracts by June 10th
Jul 25 CBOT Wheat is at $5.36, down 7 3/4 cents,
Sep 25 CBOT Wheat is at $5.51 3/4, down 7 1/2 cents,
Jul 25 KCBT Wheat is at $5.35 3/4, down 5 cents,
Sep 25 KCBT Wheat is at $5.50 1/2, down 4 1/2 cents,
Jul 25 MGEX Wheat is at $6.22 3/4, down 11 1/2 cents,
Sep 25 MGEX Wheat is at $6.35 3/4, down 9 1/2 cents.
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Source : Nasdaq.com
