Wheat prices are experiencing upward movement on Monday, with Chicago SRW futures up 5 to 7 cents and KC HRW futures increasing by 9 to 11 cents. MPLS spring wheat sees slight gains of up to 2 cents. The latest export inspections report indicates that 319,730 metric tons (11.75 million bushels) of wheat were shipped for the week ending June 4, a decrease of 20.65% from the previous week and 1.38% from last year. Mexico was the top destination, receiving 83,211 metric tons, followed by Indonesia and Venezuela.
As of June 2, managed money in Chicago wheat futures has seen the largest bearish move on record since 2006, increasing their net short position by 39,165 contracts to a total of 57,871 contracts. Additionally, Kansas City futures saw a reduction in net long positions by 13,393 contracts. Meanwhile, Ukraine’s APK-Inform estimates the country’s wheat crop will reach 21.7 million metric tons, up 1.8 million from previous estimates.
In trading, July 26 CBOT Wheat is priced at $5.86 1/2, reflecting a gain of 6 1/2 cents, while September 26 CBOT Wheat is at $5.98 1/2, an increase of 5 3/4 cents. Further, July 26 KCBT Wheat is at $6.31, up 10 1/4 cents, and September KCBT Wheat stands at $6.40 1/2, increasing by 9 cents.
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