The wheat complex is posting double digit losses across most contracts on Monday. Chicago SRW futures are back down 11 to 12 cents so far on Monday. Kansas City HRW contracts are also 11 to 12 cents lower so far on the day. Minneapolis spring wheat futures are 10 to 12 cents in the red at midday.

Export Inspections data showed wheat shipments at 290,957 MT (10.69 mbu) during the week of June 5. That was down 47.52% from the previous week and 17.55% below the same week last year. Of that total, 168,084 MT was for the new marketing year.  Mexico was the largest destination of 87,242 MT, with 57,521 MT headed to Japan and another 35,324 MT to Japan. 

Rains in much of southern KS, OK, and TX over the weekend may put a slowdown in much early harvest activity. The next 7 days shows heavy totals in TX and OK stretching over the parts of SRW area. Winter wheat conditions are expected to be steady this week at 52% gd/ex, with spring wheat improving 2% to 52% according to the trade ideas.

Money managers in Chicago wheat futures and options trimmed back their net short position by 654 contracts to 100,572 contracts as of June 3rd. In Kansas City wheat, spec funds covered some of their large net short position, reducing it by 1,333 contracts to 78,028 contracts.

Ukraine wheat production was estimated at 21.7 MMT according to APK-Inform, down from the previous 21.8 MMT estimate. SovEcon estimates the Russian wheat crop at 82.8 MMT, down 1.8 MMT from the previous estimate.

Jul 25 CBOT Wheat  is at $5.42 3/4, down 12 cents,

Sep 25 CBOT Wheat  is at $5.57 1/2, down 11 1/4 cents,

Jul 25 KCBT Wheat  is at $5.38 1/4, down 11 cents,

Sep 25 KCBT Wheat  is at $5.51 1/4, down 11 1/4 cents,

Jul 25 MGEX Wheat  is at $6.23 1/4, down 12 cents,

Sep 25 MGEX Wheat  is at $6.33 1/2, down 10 1/2 cents,