Wheat futures opened the week with losses across all markets, with Chicago SRW futures down 4 cents, KC HRW futures down 10 to 11 cents, and MPLS spring wheat experiencing losses of 4 to 5.25 cents as of midday Monday. The first national Crop Progress report is expected later today, with analysts estimating a crop rating of 42% good/excellent, within a range of 38-45%.
Export Inspections data for the week ending April 2 revealed that 334,106 MT (12.27 mbu) of wheat were shipped, marking a 13.5% decrease from the previous week and a 0.38% drop from the same week last year. Mexico was the top importer at 273,703 MT, followed by Indonesia at 57,763 MT and South Korea at 55,000 MT. Year-to-date shipments total 17.73 MMT (651.4 mbu), down 16.6% compared to last year.
As of March 31, Commitment of Traders data indicated that CBT wheat specs held a net long position of 8,641 contracts, marking the first net long since June 2022. Managed money in KC wheat increased its net long position to 21,517 contracts, while MPLS wheat reported a record net long of 21,156 contracts.
