Wheat Posting Weakness on Monday

Group 1 - The wheat complex is experiencing a decline, with soft red wheat futures down 10 to 11 cents, Kansas City HRW futures down 4 to 5 cents, and MPLS spring wheat futures down 2 to 3 cents [1] - The Export Inspections report indicates a total of 854,454 MT of wheat shipped in the week of September 18, which is 12.96% higher than the previous week and 17.92% larger than the same week last year [2] - The Philippines was the largest buyer of wheat, importing 131,998 MT, followed by Mexico with 117,247 MT and Vietnam with 67,340 MT [2] Group 2 - The Commitment of Traders report shows that spec funds in Chicago wheat futures and options reduced their net short position by 6,569 contracts, totaling 85,825 contracts [3] - In Kansas City wheat futures and options, the net short position was trimmed by 1,491 contracts, bringing the total to 51,534 contracts as of September 16 [3] - Current prices for December 25 CBOT Wheat are at $5.11 1/2, down 11 cents, while March 26 CBOT Wheat is at $5.30 1/4, down 10 1/2 cents [3]