Wheat futures experienced significant gains at the end of the week, with Chicago SRW futures increasing by 13 to 14 cents, marking a weekly rise of 24 ¾ cents. Kansas City (KC) HRW futures rose 6 to 9 cents, reflecting a weekly rally of 29 ¾ cents. Minneapolis (MPLS) spring wheat gained 4 to 5 ½ cents, closing with a 15 ½ cent increase for the week.
For the week ending February 12, export sales data indicated 287,974 metric tons (MT) of wheat sold, a 40.99% decrease from the previous week and a 45.94% drop compared to the same week last year. Mexico was the top buyer with 59,000 MT, followed by the Philippines at 55,000 MT and the Dominican Republic at 46,200 MT.
As of February 17, Commitment of Traders data revealed that spec funds reduced their net short position in Chicago wheat by 17,618 contracts, bringing the total to 68,037 contracts. In KC wheat, a reduction of 8,887 contracts led to a net short of 10,609 contracts. The NOAA forecasts drier conditions for much of the U.S. HRW area in the coming week and a warmer outlook through May.
