The wheat complex faced downward pressure on Monday, with Chicago SRW futures experiencing a decline of 8 to 9 cents across most contracts. Similarly, KC HRW futures were down 6 to 7 cents at the close, while MPLS spring wheat saw a decrease of 6 to 7 cents in the front months.
In the latest Export Inspections report, it was revealed that a total of 488,025 MT (17.93 mbu) of wheat was shipped in the week of 12/11. This marked a 23.2% increase from the previous week and a significant 61.38% jump compared to the same period last year. Among the largest buyers were the Philippines, Mexico, and South Korea. The total wheat shipped for the marketing year now stands at 14.124 MMT (425.42 mbu), showing a 21.9% increase from the previous year.
Furthermore, Export Sales data for the week ending on November 20 indicated 361,715 MT in wheat sales, falling on the lower end of estimates. This figure represented a 5-week low for bookings and was slightly below the same period last year.
In terms of Commitment of Traders data, spec funds in CBT wheat futures and options increased their net short position by 5,055 contracts to 53,746 contracts as of 11/25. Additionally, in KC wheat, they raised their net short by 2,125 contracts to 22,064 contracts.
Closing prices for wheat futures on Monday were as follows:
– Mar 26 CBOT Wheat closed at $5.20 3/4, down 8 1/2 cents
– May 26 CBOT Wheat closed at $5.29, down 8 1/4 cents
– Mar 26 KCBT Wheat closed at $5.12, down 6 cents
– May 26 KCBT Wheat closed at $5.24 1/4, down 6 1/4 cents
– Mar 26 MGEX Wheat closed at $5.69 3/4, down 7 cents
– May 26 MGEX Wheat closed at $5.78 1/4, down 6 1/4 cents
It is important to note that the information presented in this article is purely for informational purposes. The original article was sourced from Barchart.com and can be found here.
