The wheat complex is showing weakness on Tuesday across all three markets. Chicago SRW futures are facing losses of 6 to 7 cents, as March is down 12 cents. KC HRW futures are down 3 to 5 cents in the front months. MPLS spring wheat is 2 to 4 cents lower so far on the day.
Tuesday morning’s Export Inspections report showed 375,402 MT (13.79 mbu) of wheat shipped in the week of 2/12. That was 35.34% below the week prior but 49.66% above the same week last year. Japan was the largest destination of 170,930 MT, with 58,732 MT shipped to Mexico and 36,892 MT to the Dominican Republic. The marketing year total is now 17.704 MMT (650 mbu) of wheat shipped since June, which is still 18.91% below the same period last year.
Commitment of Traders data showed spec funds adding 3,900 contracts to their net short position in CBT wheat futures and options, to 85,655 contracts. In KC wheat, managed money was adding 10,652 contracts to their net short to 19,496 contracts.
The Russian wheat crop was estimated at 85.9 MMT according to SovEcon, up 2.1 MMT from their previous number. EU soft wheat export have totaled 15.11 MMT from July 1 to February 15, now up 1.46 MMT from the same period last year.
Mar 26 CBOT Wheat is at $5.36 3/4, down 12 cents,
May 26 CBOT Wheat is at $5.42 1/4, down 6 1/4 cents,
Mar 26 KCBT Wheat is at $5.38 1/4, down 4 1/4 cents,
May 26 KCBT Wheat is at $5.50, down 3 3/4 cents,
Mar 26 MIAX Wheat is at $5.69, down 2 3/4 cents,
May 26 MIAX Wheat is at $5.80 3/4, down 3 1/4 cents,
