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On Monday, wheat prices are experiencing declines across all three markets. Chicago SRW wheat is down by 5 to 7 cents, with July futures expiring today. Kansas City HRW contracts have fallen 5 to 6 cents, while MPLS spring wheat has decreased by 10 to 11 cents. In addition, Friday’s Export Inspections report indicated a total of 438,533 MT of wheat shipped in the week of July 10, marking a 15.84% drop from the previous week and 29.34% below the same week in 2024.
Top destinations included Mexico (162,639 MT), the Philippines (65,999 MT), and South Korea (36,121 MT). Marketing year shipments now stand at 2.283 MMT (83.9 mbu), down 3.04% year-over-year. In related news, President Trump announced a 30% tariff on the EU and Mexico starting August 1, and threatened secondary tariffs against Russian trade partners if the Russian/Ukraine conflict is not resolved within 50 days.
As of July 8, the Commitment of Traders report showed speculative funds reducing their net short position in Chicago wheat futures by 7,477 contracts to 55,594 contracts, while in Kansas City, managed money increased their net short by 971 contracts to 43,319 contracts.
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