Wheat is trading with losses across the three markets on Monday. Chicago SRW wheat is trading with 5 to 7 cent losses on Monday. There were another 34 delivery notices against July on Friday. July futures expire today. KC HRW contracts are falling 5 to 6 cents so far at midday. There were 5 deliveries against July on Friday evening.  MPLS spring wheat is down 10 to 11 cents so far on Monday.

This morning’s Export Inspections report showed a total of 438,533 (16.15 mbu) of wheat shipped in the week of 7/10. That is down 15.84% from last week and 29.34% below the same week in 2024. Mexico was the top destination of 162,639 MT, with 65,999 MT headed to the Philippines and 36,121 MT to South Korea. Marketing year shipments are now at 2.283 MMT (83.9 mbu), which is 3.04% below the same period last year.

Over the weekend President Trump announced a 30% tariff on the EU and Mexico starting on August 1. On Monday morning, Trump threatened Russian with secondary tariffs (on Russian trade partners) if there is no deal to end the Russian/Ukraine war in 50 days.

Friday afternoon’s Commitment of Traders report indicated spec funds continuing to trim their large net short position in Chicago wheat futures and options, this week by 7,477 contracts to 55,594 contracts as of July 8th. In Kansas City wheat, managed money added 971 contracts to their net short position to 43,319 contracts.

A Taiwan flour mill has issued a tender to buy 89,650 MT of US wheat

Jul 25 CBOT Wheat  is at $5.34, down 6 3/4 cents,

Sep 25 CBOT Wheat  is at $5.38 3/4, down 6 1/4 cents,

Jul 25 KCBT Wheat  is at $5.06 3/4, up 2 1/2 cents,

Sep 25 KCBT Wheat  is at $5.18 1/2, down 5 3/4 cents,

Jul 25 MGEX Wheat  is at $5.98 1/4, unch

Sep 25 MGEX Wheat  is at $6.03, down 10 3/4 cents,