The wheat complex saw weakness across the three markets on Monday. Chicago SRW futures were down 6 to 7 cents in the front months at the close. KC HRW futures were 10 to 11 cents in the red in the front months on Monday. MPLS spring wheat was down 5 to 6 cents on the day.
Monday morning’s Export Inspections report showed 351,001 MT (12.9 mbu) of wheat shipped in the week of 1/22. That was 11.76% below the week prior and 27.56% shy of the same week last year. South Korea was the largest destination of 119,036 MT, 73,230MT shipped to Japan and 63,773 MT to Mexico. The marketing year total is now 16.33 MMT (600.05 mbu) of wheat shipped, which is now 18.21% above the same period last year.
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USDA Export Sales data from Friday indicated 21.03 MMT of wheat commitments by January 15, 18% above last year. That was also 86% of the USDA number, near the 87% average sales pace.
Mar 26 CBOT Wheat closed at $5.22 1/2, dow