The wheat complex is trading with lower action on Monday. CBT soft red wheat futures are showing 1 to 3 ¼ cent losses as we trade through midday. KC HRW futures are 1 to 2 cents lower at midday on Monday. MPLS spring wheat is trading with 1 to 2 ¼ cent losses so far on the day.

USDA tallied wheat export shipments at 395,240 MT (14.52 mbu) during the week ending on August 14. That was down 4.73% from last week but 5.59% above the same week last year. Of that total, 65,265 MT was headed to Mexico, with 65,897 MT on its way to Japan and 51,630 MT to Egypt. Marketing year exports have totaled 4.811 MMT (176.79 mbu), which is 3.69% above the same period last year.

Weekly Commitment of Traders data showed managed money adding 8,526 contracts to their net short position in CBT wheat as of Tuesday to 89,295 contracts. In KC wheat specs trimmed back 6,508 contracts from their net short to 50,555 contracts

Russia’s wheat crop is projected to total 85.5 MMT, which is up from the 84.5 MMT previous estimate. The country’s export forecast was increased by 1 MMT to 42.5 MMT.

Sep 25 CBOT Wheat  is at $5.03 1/4, down 3 1/4 cents,

Dec 25 CBOT Wheat  is at $5.25 1/4, down 1 3/4 cents,

Sep 25 KCBT Wheat  is at $5.05 1/4, down 1 3/4 cents,

Dec 25 KCBT Wheat  is at $5.27, down 1 1/2 cents,

Sep 25 MGEX Wheat  is at $5.68 1/2, down 1 1/2 cents,

Dec 25 MGEX Wheat  is at $5.87, down 2 1/4 cents,