Chicago SRW wheat futures are down 2 to 3 cents, while KC HRW and MPLS spring wheat futures have lost 4 and 10 to 12 cents, respectively, on Monday. During the week of May 28, wheat export inspections reported shipments of 402,346 metric tons (14.78 million bushels), a 5.94% increase from the prior week but 27.2% lower than the same week last year. Mexico was the top destination, receiving 95,502 MT, followed by South Korea with 85,802 MT, and the Philippines with 71,335 MT. The marketing year total stands at 23.893 million metric tons (877.93 million bushels), a 9.27% increase from last year.
As of Tuesday, managed money increased their net short position on CBT wheat by 13,907 contracts, totaling 18,706 contracts. Meanwhile, speculators reduced their KC wheat net long by 3,205 contracts, bringing it to 26,870 contracts. Current prices for July 26 CBOT wheat are at $6.08 1/4, with September at $6.21 1/4; July 26 KCBT wheat is at $6.45 3/4, September at $6.57 1/2; and July 26 MIAX wheat at $6.53 3/4, September at $6.77 1/4.
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