Wheat futures are starting off the week with better footing after hitting new multi year lows in both CBT and KC markets overnight. Chicago SRW futures are up 7 to 9 cents. Preliminary open interest showed net new selling, rising 5,354 contracts for the CBT SRW. Kansas City HRW contracts are 8 to 9 cents higher. MPLS spring wheat are up 2 to 3 cents.
Export Inspections data showed a total of 431,233 MT (11.74 mbu) shipped during the week that ended on July 25. That was an improvement of 64.21% from the week prior but down 26.23% compared to the year prior in the same week. The Philippines was the top destination of 124,007 MT, with 94,759 MT headed to South Korea. Shipments as we get closer to the end of the second month of the MY are 3.048 MMT (82.97 mbu) YTD. That is still 11.24% above the same period last year.
AgRural estimates the Brazilian corn harvest at 91% complete in the center-south region of the country.
Spec funds in CBT wheat trimmed 702 contracts from their net short in the week ending July 23, taking it to 75,184 contracts. In KC futures and options, they peeled back 3,030 contracts from their net short to 40,866 contracts.
Sep 24 CBOT Wheat is at $5.31 3/4, up 8 1/4 cents,
Dec 24 CBOT Wheat is at $5.55 3/4, up 7 1/4 cents,
Sep 24 KCBT Wheat is at $5.54 1/4, up 8 3/4 cents,
Dec 24 KCBT Wheat is at $5.70 1/4, up 8 1/4 cents,
Sep 24 MGEX Wheat is at $5.91, up 2 1/2 cents,
Dec 24 MGEX Wheat is at $6.10 1/4, up 2 3/4 cents,
On the date of publication, Alan Brugler 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
