Wheat is starting off Tuesday with mixed action, as the soft wheat contracts are higher. The wheat complex saw weakness across the three markets on Monday. Chicago SRW futures were down 6 to 7 cents in the front months at the close. Open interest was up 695 contracts. KC HRW futures were 10 to 11 cents in the red in the front months on Monday. OI fell 7,313 contracts on Monday, mostly in the March contract. MPLS spring wheat was down 5 to 6 cents on the day.
Monday morning’s Export Inspections report showed 351,001 MT (12.9 mbu) of wheat shipped in the week of 1/22. That was 11.76% below the week prior and 27.56% shy of the same week last year. South Korea was the largest destination of 119,036 MT, 73,230MT shipped to Japan and 63,773 MT to Mexico. The marketing year total is now 16.33 MMT (600.05 mbu) of wheat shipped, which is now 18.21% above the same period last year.
USDA Export Sales data from Friday indicated 21.03 MMT of wheat commitments by January 15, 18% above last year. That was also 86% of the USDA number, near the 87% average sales pace.
Mar 26 CBOT Wheat closed at $5.22 1/2, down 7 cents, currently up 1/2 cent
May 26 CBOT Wheat closed at $5.32 3/4, down 6 1/4 cents, currently up 1/2 cent
Mar 26 KCBT Wheat closed at $5.29 3/4, down 11 cents, currently down 1/2 cent
May 26 KCBT Wheat closed at $5.40 1/2, down 10 cents, currently down 1/2 cent
Mar 26 MIAX Wheat closed at $5.70 3/4, down 5 1/4 cents, currently down 3/4 cent
May 26 MIAX Wheat closed at $5.82 1/2, down 5 1/4 cents, currently down 1 cent
