On Monday, the wheat complex recorded gains, with Chicago SRW contracts rising by 12 to 13 cents and KC HRW futures increasing by 11 to 12 cents. MPLS spring wheat was also up by 8 to 9 cents at midday.
The weekly Export Inspections report, covering the week of July 30, indicated wheat shipments of 335,313 metric tons (12.32 million bushels), a 19.68% decrease from the previous week and less than half of the shipments during the same week last year. South Korea was the largest destination at 90,198 MT, followed by Thailand (68,166 MT) and the Philippines (57,815 MT). Cumulative shipments for the marketing year now stand at 2.907 million metric tons (106.8 million bushels), which is 27.36% lower than the previous year.
A South Korean mill has issued a tender for 50,000 MT of U.S. wheat, with a bid deadline on Tuesday.
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