The wheat complex is facing modest weakness a Tuesday’s midday. Chicago SRW contracts are down a penny in the front months. KC HRW futures are posting fractional losses in the front months. MPLS spring wheat is down 1 to 2 cents at midday.
Tuesday morning’s Export Inspections report showed wheat shipments of 304,660 MT (11.19 mbu) in the week of 10/8. That was up 0.66% from the week prior but 31.92% below the same week last year. South Korea was the largest destination of 75,240 MT, with 72,047 MT shipped to Mexico and 67,640 MT headed to Sri Lanka. The marketing year total is now 6.977 MMT (256.35 mbu) of shipments, which is now 35.87% below the same period last year.
