The wheat complex is looking at weaker trade on Monday. Chicago SRW futures are trading with 2 to 3 cent losses at midday. KC HRW futures are 4 cents in the red. MPLS spring wheat is 10 to 12 cent lower.
Monday morning’s Export Inspections report showed wheat shipments of 402,346 MT (14.78 mbu) in the week of 5/28. That was up 5.94% from the week prior but 27.2% below same week last year. Mexico was the largest destination of 95,502 MT, with 85,802 MT shipped to South Korea and 71,335 MT to the Philippines. The marketing year total is now 23.893 MMT (877.93 mbu) of wheat shipped, which is 9.27% above the same period last year.
