The wheat complex is in rally mode on Monday, with all three exchanges higher as tensions in the Black Sea filed to cool off over the weekend. Chicago SRW is 13 to 14 cents higher. KC HRW futures are up 11 to 12 cents. MPLS spring wheat is showing gains of 7 to 8 cents.
Monday morning’s Export Inspections report showed wheat shipments of 335,253 MT (12.32 mbu) in the week of 9/17. That was down 29.12% from the week prior and more than nearly 1/3 of the same week last year. Mexico was the largest destination of 98,954 MT, with 66,023 MT shipped to Vietnam and 65,069 MT headed to the Philippines. The marketing year total is now 6.028 MMT (221.47 mbu) of shipments, which is now 31.49% below the same period last year.
