The wheat complex is trading with double digit strength on Monday. Chicago SRW futures is posting 13 to 14 cent higher trade at midday. KC HRW futures are trading with 17 to 18 cent gains in the front months. The CME showed 19 delivery notices for March KC wheat, with 10 deliveries for March CBT. MPLS spring wheat is up 12 to 13 cents in the nearbys so far.

The USDA Export Inspections report showed a total of 216,713 MT (7.94 mbu) of wheat shipped in the week of 3/6. That was a 44.65% decline from the week prior and less than half of the same week last year. Mexico was the largest destination of 139,200 MT, with 37,459 MT. Shipments so far this MY are at 15.848 MMT (582.3 mbu), which is 17.778% above the same time last year.

The monthly WASDE report from USDA will be released on Tuesday, with traders looking for no major changes to the US ending stocks projection. The average trade estimate is 797 mbu, a 3 mbu increase from last month. Very few changes are expected for the world number, with an average estimate up 0.04 MMT to 257.6 MMT.

The Friday afternoon Commitment of Traders report showed managed money’s CBT wheat net short at a total of 82,399, an increase of 14,785 contracts from the week prior. In KC wheat, they added back another 17,947 contracts to their net short as of Tuesday to 39,282 contracts. 

Mar 25 CBOT Wheat  is at $5.48 1/4, up 14 1/2 cents,

May 25 CBOT Wheat  is at $5.64 3/4, up 13 1/2 cents,

Mar 25 KCBT Wheat  is at $5.51 1/4, down 1/4 cent,

May 25 KCBT Wheat  is at $5.82 1/2, up 17 3/4 cents,

Mar 25 MGEX Wheat  is at $5.78, down 1 1/4 cents,

May 25 MGEX Wheat  is at $6.05 1/2, up 12 3/4 cents,