Wheat Weakness Extending
The wheat complex is continuing a weaker trade on Monday, with the US dollar index up $0.586. Chicago SRW futures are down 10 to 11 ½ cents. KC HRW futures are trading with 9 to 10 ¼ cents losses. MPLS spring wheat is 9 to 10 cents lower.
Export Inspections data showed wheat shipments at 326,828 MT (12 mbu) shipped in the week that ended on January 29. That was down 13.76% from the week prior, but 29.11% above the same week last year. Mexico was the top destination of 60,886 MT, with 55,702 MT to Taiwan and 55,630 MT to Malaysia. Marketing year shipments have totaled 16.69 MMT (613.1 mbu), which is up 18.61% yr/yr.
Commitment of Traders data from Friday indicated managed money covering some shorts in Chicago wheat futures and options as of 1/27, cutting 15,957 contracts from their net short to 94,743 contracts. In KC wheat, spec traders trimmed 2,689 contracts from their net short position to 10,329 contracts.
Taiwan purchased a total of 106,350 MT of wheat in a tender from the US late last week.
Mar 26 CBOT Wheat is at $5.26 1/2, down 11 1/2 cents,
May 26 CBOT Wheat is at $5.35 1/2, down 10 1/2 cents,
Mar 26 KCBT Wheat is at $5.34 1/2, down 10 1/4 cents,
May 26 KCBT Wheat is at $5.45 1/2, down 9 1/2 cents,
Mar 26 MIAX Wheat is at $5.68 1/2, down 9 3/4 cents,
May 26 MIAX Wheat is at $5.82 1/4, down 9 1/4 cents,
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