Wheat futures declined on Monday, with Chicago SRW futures down 7 to 8 cents. Kansas City HRW contracts fell by 4 to 5 cents, while Minneapolis spring wheat futures decreased by 9 to 12 cents.
Weekly export inspections reported wheat shipments at 388,752 metric tons (14.28 million bushels) for the week ending June 12, a 19.91% increase from the prior week but 5.54% lower than the same week last year. The largest destination was Nigeria at 75,721 metric tons, followed by the Philippines with 66,000 metric tons and Thailand at 55,824 metric tons.
As of June 10, managed money reduced their net short position in Chicago wheat futures and options by 6,561 contracts, resulting in a net short of 94,011 contracts. In Kansas City wheat, they cut their positions by 3,064 contracts, totaling 74,964 contracts.
