The wheat market is experiencing downward trends, with Chicago SRW futures dropping 5 to 7 cents, KC HRW futures declining by 7 to 9 cents, and MPLS spring wheat down 3 to 4 cents as of Monday. In the weekly export inspections report, the U.S. shipped 351,001 metric tons (12.9 million bushels) of wheat for the week ending January 22, representing an 11.76% decrease from the previous week and a 27.56% drop compared to the same week last year.
South Korea was the largest importer, receiving 119,036 metric tons, followed by Japan with 73,230 metric tons and Mexico with 63,773 metric tons. The total wheat shipments for the marketing year now stand at 16.33 million metric tons (600.05 million bushels), which is an 18.21% increase over the same period last year. Additionally, USDA Export Sales data reported 21.03 million metric tons of wheat commitments as of January 15, up 18% from last year, with managed money increasing their net short position to 110,700 contracts as of January 20.
Current wheat prices include: March 26 CBOT Wheat at $5.22½ (down 7 cents), May 26 CBOT Wheat at $5.33¼ (down 5¾ cents), March 26 KCBT Wheat at $5.32 (down 8¾ cents), and March 26 MIAX Wheat at $5.71¾ (down 3¼ cents).
