On January 20, wheat futures experienced a significant rally across major exchanges, with Chicago SRW futures up by 12 to 14 cents, closing at $5.29 ½, while Kansas City HRW futures gained 14 to 15 cents, closing at $5.40 ¾. Notably, the USDA reported that wheat export sales hit a nine-week high of 618,076 metric tons for the week ending January 15, more than triple the volume from the same week last year.
Key buyers included an unidentified destination purchasing 130,600 metric tons, Mexico at 115,900 metric tons, and South Korea at 95,500 metric tons. Additionally, managed money increased their net short position in CBT wheat to 110,700 contracts as of January 20, while KC wheat speculators held a net short of 13,018 contracts.
