The wheat market is experiencing slight losses on Monday, with Chicago SRW futures down by 1 to 2.5 cents and KC HRW futures down by 3 to 4 cents. MPLS spring wheat is steady to 3 cents lower as midday trading continues.
According to USDA’s FGIS, wheat export shipments for the week ending February 5 were recorded at 580,130 MT (21.32 million bushels), marking a 75.52% increase from the prior week and a 1.72% increase from the same week last year. The Philippines was the leading destination, importing 179,957 MT, followed by Bangladesh with 119,479 MT and Mexico with 103,146 MT. Cumulative exports for the 2025/26 marketing year are 17.327 MMT (636.6 million bushels), up 18.36% compared to the previous year.
On Tuesday, USDA will release updated WASDE data; analysts expect US wheat stocks to average 918 million bushels, a decrease of 8 million bushels from January. World wheat stocks are estimated at 278.6 MMT, up 0.3 MMT from January. Additionally, CFTC data from the week ending February 3 indicates a reduction of 12,988 contracts from the spec fund CBT wheat net short position, now standing at 81,755 contracts.
