Wheat futures are experiencing early losses on Monday, with Chicago Soft Red Winter (SRW) futures down 2 to 6 cents after a week of gains, where March futures rose 24.75 cents to close at $5.73 ½. Kansas City Hard Red Winter (HRW) futures also saw a positive week, increasing 29.75 cents, closing at $5.72 ¼.
According to export sales data released on February 17, U.S. wheat sales for the week ending February 12 totaled 287,974 metric tons, marking a 40.99% decline from the previous week and a 45.94% decrease compared to the same week last year. The largest buyer was Mexico, purchasing 59,000 metric tons.
The Commitment of Traders report indicates a reduction of 17,618 contracts from speculator short positions in Chicago wheat, bringing the total to 68,037 contracts, while KC wheat shorts declined by 8,887 contracts to 10,609. Forecasts suggest drier conditions across much of the U.S. HRW area in the coming week, and French soft wheat quality ratings stand at 88% good/excellent, a decrease of 3 points from the previous week, according to FranceAgriMer.
