Wheat prices showed mixed results on Tuesday after a decline across several contracts on Monday. Chicago SRW futures dropped between 6 to 7 cents, while KC HRW futures fell by 10 to 11 cents. Open interest in the wheat complex varied, with Chicago gaining 695 contracts while Kansas City saw a decrease of 7,313 contracts.
According to the USDA’s Export Inspections report, 351,001 metric tons of wheat were shipped for the week ending January 22, marking an 11.76% decrease from the previous week and 27.56% down from the same time last year. South Korea emerged as the largest importer, receiving 119,036 metric tons, followed by Japan at 73,230 tons and Mexico at 63,773 tons. Year-to-date shipments now total 16.33 million metric tons, which is an 18.21% increase compared to last year.
Furthermore, USDA Export Sales data indicated 21.03 million metric tons of wheat commitments as of January 15, an 18% increase from the previous year, aligning closely with the USDA’s forecast at 86% of the expected sales pace.
