Wheat Leading the Grain Charge Higher on Monday
The wheat market is leading the grain rally on Monday, as contracts are pushing higher. Chicago futures are up 20 to 23 cents. Kansas City contracts are up 17 to 21 cents. MPLS is following along with gains of 6 to 10 ¼ cents.
Weekly Export Inspection data from USDA showed 450,275 MT of wheat shipped in the week that ended on April 18. That was a 27.4% drop from last week but was still 23.76% larger than the same week in 2023. Japan was the top destination, with 91,916 MT in shipments, as 84,986 MT was exported to the Philippines and 74,435 MT was headed to Mexico. Cumulative shipments this year to all destinations have totaled 16.44 MMT, which is now 8.11% below the same time period last year.
The large managed money speculators in Chicago wheat futures and options added 9,835 contracts to their net short as of 4/16, taking it to 96,403 contracts. In Kansas City they were seen as nearing their record net long, adding 4,620 contracts as of Tuesday to 49,231 contracts.
May 24 CBOT Wheat is at $5.71 3/4, up 21 1/2 cents,
Jul 24 CBOT Wheat is at $5.89, up 22 1/4 cents,
May 24 KCBT Wheat is at $5.99, up 17 1/2 cents,
Jul 24 KCBT Wheat is at $6.03 1/2, up 20 1/2 cents,
Jul 24 MGEX Wheat is at $6.62 3/4, up 10 1/4 cents,
On the date of publication, Alan Brugler 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.
