Wheat is starting the new week 3 to 4 cents lower by midday across the three exchange traded contracts in the US. An early attempt to move higher failed to take out Friday’s highs and the longs bailed. The wheat market was in rally mode on Friday. CBT prices were 12 to 13 cents higher across most nearbys, with September up 1 1/4 cents. KC contracts were 11 to 12 cents in the green, as Sep was up 4 ¾.
The Wheat Quality Council Tour is this week and will generate some social media reports on spring wheat prospects.
Bangladesh has signed a memorandum of understanding to purchase 700,000 MT of US wheat on an annual basis over the next 5 years. The total exports from the US to Bangladesh over the last 5 years combined is 648,567 MT
CFTC data showed spec traders in CBT wheat futures and options adding 4,893 contracts to their net short Chicago wheat position in the most recent reporting period, taking it to 60,487 contracts. They were busy increasing their net short in KC wheat as week by 4,683 contracts to 48,002 contracts as of 7/12.
This morning’s USDA weekly export inspections report shows 732,290 MT inspected in the week ending July 17. That was an improvement from 444,631 MT in the previous week, and well above the 290,636 MT loaded out the same week in 2024. Year to date inspections for the marketing year that began June 1 at 3.021 MMT, up 13.7% from year ago.
Sep 25 CBOT Wheat is at $5.42, down 4 1/4 cents,
Dec 25 CBOT Wheat is at $5.63 1/4, down 3 3/4 cents,
Sep 25 KCBT Wheat is at $5.26, down 3 cents,
Dec 25 KCBT Wheat is at $5.49 1/2, down 2 cents,
Sep 25 MGEX Wheat is at $5.90, down 5 1/2 cents,
Dec 25 MGEX Wheat is at $6.11 3/4, down 4 3/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
