Wheat Prices Edge Up Amid Market Rally
Wheat is showing slightly higher prices on Tuesday morning after a stronger performance on Monday. The wheat market experienced a rally, consistent with other grains. Chicago SRW futures rose by double digits, gaining between 12 and 14 ¼ cents by midday. Meanwhile, KC HRW reported gains of 9 to 11 cents on Monday, while MPLS spring wheat futures closed up 7 to 9 ¼ cents.
Weather Forecast and Impact on Wheat
For the upcoming week, forecasts indicate drier conditions for much of the Plains HRW regions, although areas with SRW could see some light precipitation.
Export Trends and Inspections Data
According to Export Inspections data, a total of 288,895 MT (10.62 million bushels) were exported in the week ending January 9. This represents a 29.94% decrease from the previous week but shows a 19.18% increase compared to the same week last year. Mexico received the largest share at 121,333 MT, followed by Japan with 53,938 MT and South Korea with 30,524 MT. Overall, marketing year exports have reached 13.01 MMT (478 million bushels), marking an improvement of 24.97% over last year’s figures.
Current Positions of Managed Funds
As of January 7, managed money spec funds added 1,875 contracts to their net short position in Chicago wheat, bringing the total to 88,637 contracts. In contrast, they reduced their net short position in KC wheat by 2,003 contracts, with a current net short at 31,858 contracts.
Wheat Futures Prices
Here are the latest closing prices for wheat futures:
- Mar 25 CBOT Wheat: closed at $5.45, up 14 1/4 cents, currently up 1 1/4 cents
- May 25 CBOT Wheat: closed at $5.56 3/4, up 13 1/4 cents, currently up 1 1/2 cents
- Mar 25 KCBT Wheat: closed at $5.61, up 9 1/4 cents, currently up 1 1/4 cents
- May 25 KCBT Wheat: closed at $5.70 1/2, up 9 3/4 cents, currently up 1/4 cent
- Mar 25 MGEX Wheat: closed at $5.93 1/2, up 9 1/4 cents, currently down 1/2 cent
- May 25 MGEX Wheat: closed at $6.01 1/4, up 8 3/4 cents, currently down 2 3/4 cents
On the date of publication, Austin Schroeder did not have any positions in the securities mentioned in this article. All information and data provided are for informational purposes only. Please refer to 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.
