The wheat complex are facing midday weakness on Monday. Chicago SRW contracts are 7 to 8 cents lower at midday. KC HRW futures are falling 1 to 4 cents in most contracts on Monday. MPLS spring wheat us down 2 cents in September, with July down 12 ¼ cents.
The weekly Export Inspections report showed wheat shipments of just 358,253 MT (13.16 mbu) in the week of 6/25. That was down 9.56% from the week prior and 24,83% below the same week last year. South Korea was the largest destination of 79,069 MT, with 78,042 MT shipped to Mexico and 66,000 MT to the Philippines. Shipments for the marketing year are now at 1.333 MMT (48.98 mbu) of wheat, which is 0.86% above the same period last year.
