Wheat Prices Hold Steady at Midday on Monday

The wheat complex is holding steady at midday on Monday, with some minor fluctuations in prices. Chicago SRW contracts are slightly higher, while KC HRW futures have shown modest gains of 1 to 2 cents. In contrast, MPLS spring wheat has experienced fractional to 2 cent losses.

According to the weekly Export Inspections report, wheat shipments increased by 1.54% from the previous week and were 22.43% larger than the same period last year. Japan was the largest recipient of wheat, receiving 142,358 MT, followed by Mexico with 114,636 MT and Indonesia with 75,437 MT.

The CFTC's Commitment of Traders report showed managed money adding to their net short position in CBT wheat, increasing it by 7,615 contracts to a total of 31,401 contracts. In KC wheat, they cut back 5,432 contracts from their net long position to 27,662 contracts.