Wheat Market Sees Monday Losses Amid Strong Export Inspections

The wheat market is experiencing losses on Monday, following the rest of the commodity complex. Chicago SRW contracts are down by 15 to 16 cents, while KC HRW futures are trading with a 14 cent front month loss.

The Export Inspections report from Monday morning showed that wheat shipments totaled 394,785 MT (14.51 mbu) in the week of July 23, up 71.82% from the previous week and 36.01% above the same period last year.

Bangladesh was the largest recipient of wheat shipments at 58,341 MT, followed by Japan with 56,444 MT and Mexico with 54,407 MT. The marketing year total now stands at 2.543 MMT (93.4 mbu) of shipments, which is 23.21% below the same period last year.