On Monday, the wheat complex reported gains across all three exchanges, with Chicago SRW futures up by 5 to 6 cents, KC HRW futures gaining 5 to 6 cents, and MPLS spring wheat closing fractionally higher. The Chicago Board of Trade (CBOT) March wheat closed at $5.12 1/2, while May wheat finished at $5.23 1/2.
Export inspections for the week ending January 1 showed only 183,305 MT (6.74 million bushels) of wheat shipped, a decrease of 42.47% from the previous week and 55.57% lower than the same week last year. The Philippines was the largest destination with 74,996 MT, followed by Mexico and Japan. Year-to-date shipments now total 15.263 MMT (560.8 million bushels), up 19.64% from last year.
USDA export sales for the week of Christmas amounted to just 95,385 MT, marking a marketing year low and a 32.15% decline from the same week in 2022. Managed money increased their net short position in CBT wheat futures to 94,626 contracts as of December 30.
