Wheat Complex Weakens at Midday Amid Falling Shipments

The wheat complex started Monday on a weak note, with losses extending into midday. The Chicago SRW was down 12 to 13 cents on the day, while KC HRW futures were 13 to 14 cents lower at midday. Meanwhile, MPLS spring wheat was 9 to 10 cents in the red.

The weekly Export Inspections report showed that wheat shipments came in at 310,635 MT (11.41 mbu) for the week of September 24, down 8.62% from the previous week and 64.44% below the same period last year. The Philippines was the largest recipient of wheat, taking in 120,999 MT.

Spec funds in Chicago wheat futures and options increased their net short by 8,968 contracts to a new total of 13,144 contracts as of September 22. Managed money in KC wheat trimmed 4,015 contracts from their net long position, leaving them with 41,743 contracts.