Wheat Market Fluctuates, Spring Wheat Struggles in Recent Trading

Chicago Wheat Futures Rise While KC and MPLS Contracts Drop

Wheat prices experienced a mixed day on Monday, with the spring wheat market lagging behind. Chicago SRW futures saw modest gains, rising by 2 to 3 cents. Meanwhile, KC HRW contracts dropped by 1 to 2 cents, and MPLS spring wheat futures ended the day with losses of 1 to 2 cents.

Export Inspections Reflect Decline Year-Over-Year

According to the Export Inspections data released today, 337,685 metric tons (12.4 million bushels) of wheat were shipped during the week ending December 26. This figure represents a 16.21% decrease from the prior week and a 22.16% decline compared to the same week last year. The largest shipment was sent to Mexico at 68,203 metric tons, followed closely by 66,149 metric tons to Thailand. Year-to-date shipments total 12.283 million metric tons (451.33 million bushels), which is an impressive 27.1% increase over the same period last year.

Weather Forecast Predicts Limited Precipitation

The precipitation outlook for the upcoming week in the southern Plains remains limited. However, areas in the eastern half and parts of the SRW regions can expect to receive between 1 to 2 inches of rainfall.

Traders Adjust Positions Ahead of Market Moves

Recent Commitment of Traders data shows an increase of 7,608 contracts in the net short position for CBT wheat futures and options, bringing the total to 95,009 contracts. In the KC market, traders added 1,869 contracts, resulting in a net short position of 34,936 contracts.

Closing Prices for Wheat Futures

Mar 25 CBOT Wheat closed at $5.48 3/4, up 2 1/4 cents.

May 25 CBOT Wheat closed at $5.59, up 2 1/4 cents.

Mar 25 KCBT Wheat closed at $5.55 1/2, up 1 cent.

May 25 KCBT Wheat closed at $5.64, up 1 1/4 cents.

Mar 25 MGEX Wheat closed at $5.93 3/4, down 1 1/2 cents.

May 25 MGEX Wheat closed at $6.01 1/2, down 1 3/4 cents.

On the date of publication, Austin Schroeder did not hold (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 the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.