Wheat Weakness Continuing at Midday

Austin Schroeder Barchart Mon Jun 16, 12:13PM CDT
Field of wheat at golden hour by Bruno via Pixabay

Wheat futures are deep in the red at Monday’s midday. Chicago SRW futures are down 7 to 8 cents across most front months. Kansas City HRW contracts are also 4 to 5 cents lower so far on the session. Minneapolis spring wheat futures are 9 to 12 cents in the red.

Weekly Export Inspections data tallied wheat shipments at just 388,752 MT (14.28 mbu) in the week that ended on June 12. That was back up 19.91% from the week prior and 5.54% below the same week last year. Nigeria was the largest destination of 75,721 MT, with 66,000 MT headed to the Philippines and 55,824 MT to Thailand. 

Weekly CFTC data showed managed money cutting back 6,561 contracts from their large net short position in Chicago wheat futures and options. They held a net short of 94,011 contracts by Tuesday. In Kansas City wheat, they trimmed 3,064 contracts from their large net short to 74,964 contracts by June 10th

Jul 25 CBOT Wheat  is at $5.36, down 7 3/4 cents,

Sep 25 CBOT Wheat  is at $5.51 3/4, down 7 1/2 cents,

Jul 25 KCBT Wheat  is at $5.35 3/4, down 5 cents,

Sep 25 KCBT Wheat  is at $5.50 1/2, down 4 1/2 cents,

Jul 25 MGEX Wheat  is at $6.22 3/4, down 11 1/2 cents,

Sep 25 MGEX Wheat  is at $6.35 3/4, down 9 1/2 cents,


On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.