Wheat Market Faces Declines Amid Weak Export Sales

The wheat market experienced setbacks on Friday as morning reports indicated weaker export sales. Chicago SRW futures fell between 10 and 19 cents for nearby contracts, although March futures increased by 5 ¼ cents this week. In the Kansas City market, HRW futures declined by 11 to 12 cents for front-month contracts, while March futures gained 11 cents this week. Notably, MPLS spring wheat was down by 9 to 10 cents, but March futures rebounded with an increase of 11 ¾ cents this week.

Speculators Adjust Positions in Wheat Market

Recent CFTC data revealed that speculators in the CBT wheat market reduced their large net short position by 2,601 contracts, bringing the total to 91,792 contracts as of Tuesday. In Kansas City, they also lowered their net short position by 2,475 contracts, resulting in a standing of 35,131 contracts.

Export Sales Report Falls Short of Expectations

This morning’s Export Sales data showed only 164,837 metric tons (MT) in wheat sales for the week ending January 16. This figure is significantly below trade expectations, which ranged from 200,000 to 600,000 MT, and is less than a third of the previous week’s sales. Notably, Mexico purchased 57,500 MT, while 49,200 MT were sold to Japan. For the 2025/26 marketing year, sales exceeded expectations with 50,500 MT, including 33,000 MT to the Philippines and 14,000 MT to Japan.

Closing Prices for Wheat Futures

Mar 25 CBOT Wheat closed at $5.44, down 10 cents.

May 25 CBOT Wheat closed at $5.58 3/4, down 9 cents.

Mar 25 KCBT Wheat closed at $5.59 1/2, down 11 1/4 cents.

May 25 KCBT Wheat closed at $5.69 1/2, down 11 1/4 cents.

Mar 25 MGEX Wheat closed at $5.95 1/4, down 9 1/4 cents.

May 25 MGEX Wheat closed at $6.05 3/4, down 9 1/4 cents.

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 is solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.