Wheat futures are trading higher so far on Monday. Chicago contracts are up 9 to 11 cents at midday. There were 577 delivery notices vs. July CBT wheat over the weekend, mostly by SG Americas customers, and with all but 1 stopped by Marex customers. Kansas City futures are up 8 to 13 cents on Monday. MPLS spring wheat is starting out the week with 11 to 15 cent gains. 

This morning’s Export Inspections report showed 309,775 MT (11.4 mbu) of wheat shipped during the week that ended on June 27. That was a 9.87% decline from last week and 9.5% below the same week last year. Indonesia was the top destination of 75,509 MT, with 64,351 MT headed to the Philippines. Year to date inspections, nearly through the first month of the new marketing year, are at 1.36 MMT, 23.7% above the same month last year. 

Crop Progress data will be released later this afternoon, with traders expecting to see a 1% drop to spring wheat conditions at 70% gd/ex, with winter wheat unchanged at 52%. 

Saudi Arabia purchased 235,000 MT of wheat in their recent tender, which was originally for 595,000 MT.

Jul 24 CBOT Wheat  is at $5.64, up 10 1/2 cents,

Sep 24 CBOT Wheat  is at $5.86, up 12 1/2 cents,

Jul 24 KCBT Wheat  is at $6.00 1/4, up 12 3/4 cents,

Sep 24 KCBT Wheat  is at $5.95 1/4, up 9 cents,

Jul 24 MGEX Wheat  is at $6.24, up 11 cents,

Sep 24 MGEX Wheat  is at $6.28, up 15 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.