Wheat Market Displays Mixed Trends as Exports See Significant Rise

Soft Wheat Lags, While Hard Wheat Shows Gains

The wheat complex is experiencing mixed movements on Monday. The soft wheat market is the weakest performer, with Chicago SRW futures slipping 1 to 2 cents. Meanwhile, KC HRW contracts are experiencing a slight increase, up by 1 to 2 cents. Additionally, MPLS spring wheat futures have gained a penny in the nearby contracts.

Weekly Export Inspections Indicate Strong Demand

Today’s Weekly Export Inspection report revealed that a total of 298,075 metric tons (10.95 million bushels) of wheat were shipped during the week ending December 12. This figure marks a notable increase of 20.2% compared to the previous week and is also 4.66% higher than the same week last year. Among the buyers, Mexico topped the list with 69,471 metric tons, while Japan imported 66,933 metric tons. Year-to-date marketing shipments have reached 11.537 million metric tons (423.9 million bushels), reflecting a substantial rise of 29.41% from the prior year.

Traders Adjust Positions in Chicago and KC Wheat

Data from the Commitment of Traders indicates that speculators have reduced their net short positions in Chicago wheat, cutting 2,607 contracts down to 66,779 contracts as of December 10. In the Kansas City (KC) wheat market, traders decreased their net short position by 1,994 contracts, bringing the total to 36,436 contracts.

International Purchases Highlight Global Demand

In a recent tender, Saudi Arabia purchased 804,000 metric tons of wheat, surpassing their initial call for 595,000 metric tons. Additionally, Algeria has issued a tender to acquire 50,000 metric tons of durum wheat, which is set to close on Wednesday.

Current Wheat Futures Prices

Mar 25 CBOT Wheat is priced at $5.50 1/2, down 1 3/4 cents.

May 25 CBOT Wheat is at $5.61, down 1 1/4 cents.

Mar 25 KCBT Wheat is trading at $5.59, up 2 cents.

May 25 KCBT Wheat is at $5.66 1/2, up 1 1/4 cents.

Mar 25 MGEX Wheat is priced at $5.99 1/2, up 1 cent.

May 25 MGEX Wheat is at $6.06 1/2, also up 1 cent.

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more details, please view the Barchart Disclosure Policy here.