Wheat prices are trading lower across winter wheat contracts as of Tuesday morning, while spring wheat remains steady. Chicago SRW futures closed at $5.18, down 3¾ cents from recent highs. A total of 1,699 contracts were shed in open interest, indicating short covering in the market, while KC HRW futures experienced a gain of 9 to 10 cents on Friday with open interest rising by 1,885 contracts.
In updated export sales data through January 8, total wheat commitments reached 20.392 million metric tons (MMT), 15% higher than last year, representing 83% of the USDA’s export projection. Meanwhile, Saudi Arabia made a significant purchase of 907,000 MT of wheat on Monday, while Algeria is estimated to have acquired about 600,000 MT.
