On Monday, March 5, the wheat complex experienced declines, with Chicago SRW futures falling by 10 to 13 cents and KC HRW futures down by 2 to 4 cents. In contrast, crude oil prices rose by $3.97, marking an increase of nearly $25 from overnight highs.
According to the Monday morning Export Inspections report, 496,108 metric tons (18.23 million bushels) of wheat were shipped, reflecting a 39.94% increase from the previous week and more than double the same week last year. China was the largest destination, importing 198,942 metric tons, followed by Mexico with 97,215 metric tons and Thailand with 56,293 metric tons. The total wheat exports for the marketing year have reached 19.12 million metric tons (702.7 million bushels), up 20.2% from the same period last year.
Looking ahead, the USDA’s WASDE report is expected to show US wheat stocks at 926 million bushels, a decrease of 5 million bushels from last month. Additionally, managed money added 8,503 contracts to their net short in CBT wheat futures and options, bringing the total to 25,800 contracts as of March 3.
