The wheat complex started Monday with weakness, as losses are extending to midday. Chicago SRW is down 12 to 13 cents on the day. KC HRW futures are 13 to 14 cents lower at midday. MPLS spring wheat is 9 to 10 cents in the red so far.
Monday morning’s Export Inspections report showed wheat shipments of 310,635 MT (11.41 mbu) in the week of 9/24. That was down 8.62% from the week prior and 64.44% below the same week last year. The Philippines was the largest destination of 120,999 MT, with 68,640 MT shipped to Mexico and 54,999 MT headed to Nigeria. The marketing year total is now 6.343 MMT (233.47 mbu) of shipments, which is now 34.42% below the same period last year.
