Wheat Market Update: Downward Trends in Futures Despite December Gains
Wheat Prices Fluctuate Across Exchanges
The wheat market showed a mixed performance across three major exchanges. Nearby December contracts for winter wheat displayed upward movement, in contrast to the overall downward trend. Chicago SRW futures dropped slightly, down 2 ½ cents, although December saw an increase of 5 ¼ cents. Meanwhile, KC HRW contracts recorded small losses overall, with December being the only exception, rising by 3 cents. MPLS spring wheat futures fell between 2 ¼ to 4 cents, culminating in a 12 ¼-cent drop for December.
Commitment of Traders Report: Speculators Increase Short Positions
The Commitments of Traders report, delayed due to the holiday, revealed that speculators added 7,572 contracts to their CBT wheat net short positions, totaling 59,118 contracts as of November 26. In the KC wheat segment, traders increased their net short positions by 1,286 contracts, reaching 30,661 contracts.
Recent Export Inspections Highlight Shipping Trends
Weekly Export Inspections data reported that 296,106 MT (10.88 million bushels) of wheat had been shipped during the week ending November 28, marking an 18.83% decline from the previous week but a notable 57.25% increase compared to the same week last year. The Philippines emerged as the largest importer, receiving 90,000 MT, while Mexico took in 52,143 MT. Total wheat shipments for this marketing year have reached 10.987 MMT (403.68 million bushels), showing an increase of 31.79% from last year.
Australia’s Wheat Forecast Adjusted Slightly
Australia’s ABARES has adjusted the country’s wheat outlook up by 0.1 MMT, bringing the new forecast to 31.9 MMT.
December 2024 CBOT Wheat closed at $5.37 1/2, up 5 1/4 cents,
March 2025 CBOT Wheat closed at $5.47 1/4, down 3/4 cent,
December 2024 KCBT Wheat closed at $5.23 3/4, up 3 cents,
March 2025 KCBT Wheat closed at $5.40 1/2, down 1/4 cent,
December 2024 MGEX Wheat closed at $5.60, down 12 1/2 cents,
March 2025 MGEX Wheat closed at $5.87 3/4, down 4 cents.
On the date of publication, Austin Schroeder did not hold (either directly or indirectly) any positions in the securities mentioned in this article. All information and data are for informational purposes only. For full details, please refer to the Barchart Disclosure Policy here.
The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of Nasdaq, Inc.
