On Monday, the wheat complex experienced a rally, with Chicago SRW futures rising by 13-14 cents, KC HRW futures increasing by 11-12 cents, and MPLS spring wheat gaining 7-8 cents amid easing tensions in the Black Sea.
The latest Export Inspections report revealed wheat shipments of 335,253 metric tons (12.32 million bushels) for the week ending September 17, reflecting a 29.12% decrease from the previous week and over 31% lower than the same week last year. Mexico was the largest destination, importing 98,954 metric tons, followed by Vietnam at 66,023 metric tons and the Philippines at 65,069 metric tons. Year-to-date shipments now total 6.028 million metric tons (221.47 million bushels), down 31.49% compared to the prior year.
As of September 15, spec funds shifted to a net short position in Chicago wheat futures, decreasing by 8,968 contracts to a net short of 4,706 contracts. In Kansas City, managed money trimmed 5,490 contracts, reducing their net long to 45,758 contracts.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
