The wheat market is experiencing a decline on Monday, with Chicago SRW futures down by 10 to 11.5 cents, and KC HRW futures dropping by 9 to 10.25 cents. The US dollar index has risen by $0.586, impacting trade. As of January 29, export inspections reported wheat shipments of 326,828 metric tons, a decrease of 13.76% from the previous week, but up 29.11% compared to the same week last year. The leading destination for these shipments was Mexico, receiving 60,886 MT, followed by Taiwan with 55,702 MT and Malaysia with 55,630 MT. Year-to-date wheat shipments now total 16.69 million metric tons, an increase of 18.61% year-over-year.
Commitment of Traders data as of January 27 shows managed money reduced their net short position in Chicago wheat futures and options by 15,957 contracts, leaving a total of 94,743 contracts. Similarly, in KC wheat, speculators trimmed their net short position by 2,689 contracts to 10,329 contracts. Additionally, Taiwan purchased 106,350 MT of wheat in a recent tender from the US.
