As of August 28, 2023, the wheat complex is experiencing significant downward pressure, particularly in Chicago where September SRW contracts are down by 25 to 26 cents. The first notice day for September CBT wheat recorded only 9 deliveries, while KC HRW futures fell 24 to 25 cents with 143 delivery notices. MPLS spring wheat is also down 14 to 18 cents.
Monday’s weekly Export Inspections report indicated wheat shipments of 430,925 metric tons for the week ending August 27, representing a 46.46% decrease compared to the same week last year. The largest recipients were the Philippines (131,831 MT), Taiwan (100,544 MT), and Mexico (70,756 MT). Year-to-date shipments total 4.777 million metric tons, down 28.4% from the previous year.
In recent trading activity, the CFTC’s report for the week ending August 25 shows managed money reducing their net short position in CBT wheat by 12,314 contracts, down to 14,171 contracts. Notable price points include September 26 CBOT Wheat at $7.41 1/4, and KC wheat at $8.03.
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