The wheat complex is trading with gains on Monday, despite a weaker Export Inspections report. Spillovers support from the corn and beans is supportive. Chicago SRW contracts are 11 to 12 cents higher on Monday. KC HRW futures are up 7 to 9 ½ cents on the day. There were 119 deliveries issued against July KC wheat on Thursday night, with just 1 for Chicago wheat. MPLS spring wheat is trading with 7 to 9 cent gains at Monday’s midday.
The weekly Export Inspections report showed wheat shipments of just 133,652 MT (4.91 mbu) in the week of 7/2. That was a 66.38% drop from the week prior and 74.44% below the same week last year. Mexico was the largest destination of 60,524 MT, with 35,224 MT shipped to Ecuador and 29,088 MT to Colombia. Shipments for the marketing year are now at 1.51 MMT (55.3 mbu) of wheat, which is 19.36% below the same period last year.
Saudi Arabia purchased a total of 661,000 MT of wheat in their tender from Monday. The French wheat crop was tallied at 68% gd/ex which was a drop of 6% from the previous week, according to FranceAgriMer
Jul 26 CBOT Wheat is at $6.01 1/2, up 11 cents,
Sep 26 CBOT Wheat is at $6.11, up 11 1/4 cents,
Jul 26 KCBT Wheat is at $6.35, up 8 cents,
Sep 26 KCBT Wheat is at $6.46 1/2, up 8 cents,
Jul 26 MIAX Wheat is at $5.90, unch,
Sep 26 MIAX Wheat is at $6.27 3/4, up 9 cents,
