On Friday, the wheat market showed mixed performance ahead of the USDA reports set for Monday. Chicago SRW futures closed fractionally lower, with March futures gaining 10 ¾ cents this week, while KC HRW futures remained steady, up 15 ¼ cents over the same period. In contrast, MPLS spring wheat fell by 3 to 4 cents, resulting in a weekly loss of 3 ¼ cents for March contracts.
As of January 1, wheat export commitments, including both shipped and unshipped sales, reached 20.228 million metric tons (MMT), an 18% increase from the previous year, and 83% of the USDA estimate. Total export shipments stood at 15.16 MMT, marking a 21% rise year-on-year and accounting for 61% of the USDA’s export target. In terms of domestic supply, a Reuters survey anticipates the USDA’s Grain Stocks report will show 1.636 billion bushels (bbu) of wheat on hand as of December 1.
Managed money data revealed an increase in net short positions in Chicago wheat futures and options to 107,165 contracts as of January 6, while KC wheat net shorts decreased to 15,655 contracts, the lowest since November 2024. Closing prices for key wheat contracts included March CBOT Wheat at $5.17 1/4, May CBOT Wheat at $5.28 3/4, and March KCBT Wheat at $5.30 1/4.
