On Monday, Chicago SRW wheat futures are posting slight increases, with contracts showing an uptick of approximately 1/4 cent, while KC HRW futures are also experiencing modest gains of 1 to 2 cents. Despite this, MPLS spring wheat is down by a fractional to 2 cents.
The USDA’s weekly Export Inspections report revealed wheat shipments totaling 493,401 metric tons (18.13 million bushels) for the week ending August 13, marking a 1.54% increase from the prior week and a 22.43% increase compared to the same week last year. Japan received the largest portion at 142,358 metric tons, followed by Mexico at 114,636 metric tons and Indonesia at 75,437 metric tons. Cumulative shipments for the marketing year stand at 3.89 million metric tons (142.9 million bushels), which is 19.29% lower than the same period in 2022.
According to the CFTC’s Commitment of Traders report for the week ending August 11, managed money increased their CBT wheat net short position by 7,615 contracts to a total of 31,401 contracts. In contrast, they decreased their KC wheat net long position by 5,432 contracts, leaving a total of 27,662 contracts.
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