Wheat is trading with contracts rallying double digits across all three exchanges at midday. Chicago SRW are up 13 to 14 cents at the midday part of the session. Kansas City HRW contracts are up 18 to 19 cents on Monday. MPLS spring wheat is 13 to 14 cents higher at midday.
USDA’s Export Inspections report indicated a total of 482,658 MT (18.8 mbu) of wheat shipped in the week that ended on 3/13. That was more than double the previous week and 24.89% above the same week in 2024. South Korea was the largest destination of 111,616 MT, with 108,097 MT to Japan, with 66,299 MT to Mexico. Shipments for the marketing year have totaled 16.367 MMT (601.34 mbu), a 18.16% increase from the same week last year.
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Friday’s Commitment of Traders report indicated a total of 4,987 contracts trimmed from the spec fund net short in Chicago wheat, to 77,412 contracts as of 3/11. In KC wheat, managed money added back 9,440 contracts to their net short position as of Tuesday at 48,722 contracts.
May 25 CBOT Wheat is at $5.70 1/4, up 13 1/4 cents,
Jul 25 CBOT Wheat is at $5.87, up 14 cents,
May 25 KCBT Wheat is at $6.04 1/2, up 18 1/2 cents,
Jul 25 KCBT Wheat is at $6.16 3/4, up 18 cents,
May 25 MGEX Wheat is at $6.15 1/2, up 13 3/4 cents,
Jul 25 MGEX Wheat is at $6.30 1/2, up 14 cents,
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