The wheat complex is falling lower across the three markets at midday. CBT soft red wheat futures are down 9 to 10 cents. Preliminary open interest was down 10,535 contracts on Friday, suggesting some short covering. KC HRW futures are 11 cents lower so far on the Tuesday session. There were another 262 deliveries issued against September KC wheat. MPLS spring wheat is 4 to 10 cents higher at midday.
This morning’s Export Inspections report showed a total of 802,780 MT (29.497 mbu) of wheat shipped in the week of 8/28. That was up 38.82% above the same week last year but 21.32% below the week prior. Mexico was the largest buyer of 155,283 MT, with 74,956 MT shipped to Japan and 67,024 MT to Vietnam. Marketing year shipments are now at 6.639 MMT (243.96 bbu), which is 14.54% above the same period last year.
