Wheat Trading Lower on Monday

Market Overview - The wheat complex is experiencing losses at the start of the week, with Chicago SRW futures down by 5 to 7 cents, KC HRW futures down by 7 to 9 cents, and MPLS spring wheat down by 3 to 4 cents [1] Export Data - The Export Inspections report indicated that 351,001 MT (12.9 million bushels) of wheat were shipped in the week of January 22, which is 11.76% lower than the previous week and 27.56% lower than the same week last year. South Korea was the largest destination, receiving 119,036 MT, followed by Japan with 73,230 MT and Mexico with 63,773 MT. The total for the marketing year now stands at 16.33 MMT (600.05 million bushels), which is 18.21% higher than the same period last year [2] Sales Commitments - USDA Export Sales data reported 21.03 MMT of wheat commitments by January 15, which is 18% above last year and represents 86% of the USDA's projected sales, close to the average sales pace of 87% [3] Trader Positions - Commitment of Traders data revealed that managed money increased their net short position by 4,471 contracts as of January 20, bringing the total net short position for CBT wheat to 110,700 contracts. In KC wheat, speculators were net short by 13,018 contracts, with a slight increase of 237 contracts for the week [4] Current Prices - As of the publication date, the following wheat futures prices were noted: - Mar 26 CBOT Wheat at $5.22 1/2, down 7 cents - May 26 CBOT Wheat at $5.33 1/4, down 5 3/4 cents - Mar 26 KCBT Wheat at $5.32, down 8 3/4 cents - May 26 KCBT Wheat at $5.42 3/4, down 7 3/4 cents - Mar 26 MIAX Wheat at $5.71 3/4, down 3 1/4 cents - May 26 MIAX Wheat at $5.83 1/2, down 3 1/4 cents [4]