Wheat Market Mixed as Chicago Futures Outperform KC and Minneapolis

The wheat market is experiencing mixed midday action on Monday, with Chicago futures trading higher. According to Barchart, the CBOT Wheat Sep contract is up 4.5 cents at $6.86, while the Dec contract is also up 4.5 cents at $7.03 3/4. In contrast, Kansas City (KCBT) Wheat and Minneapolis (MIAX) Wheat futures are showing losses, with KCBT down 0.75 cent and MIAX down 1.25 cents.

The weekly Export Inspections report revealed a significant decrease in wheat shipments, with 425,668 metric tons (15.64 million bushels) exported in the week of August 20. This represents a 17.24% decline from the previous week and is 59.35% below the same period last year.

The CFTC's Commitment of Traders report showed managed money reducing their net short position in CBOT Wheat by 4,916 contracts to 26,485 contracts. In Kansas City wheat, they added back 7,173 contracts to their net long position, which now stands at 34,835 contracts.