Wheat Markets Stabilize Amid Mixed Export Data

Midday wheat trading shows little change as market fluctuations continue.

Current Market Conditions

The wheat market remains steady as of Tuesday’s midday analysis. Chicago SRW futures are holding firm with minor gains in the front months. KC HRW contracts are also stable, with prices either firm or slightly up. Additionally, MPLS spring wheat futures are showing a fractional increase.

Export Inspections Insights

As reported in the Export Inspections data release on Monday, a total of 337,685 MT (12.4 mbu) of wheat were shipped during the week ending December 26. This figure represents a 16.21% decline from the prior week and a 22.16% decrease compared to the same week last year. Notably, Mexico was the leading destination, receiving 68,203 MT, followed by Thailand with 66,149 MT. Year-to-date shipments amount to 12.283 MMT (451.33 mbu), reflecting a significant increase of 27.1% compared to 2022.

Market Positioning Trends

Commitment of Traders data indicates a total increase of 7,608 contracts added to the net short position in CBT wheat futures and options, resulting in a net short position of 95,009 contracts. In KC wheat, traders increased the net short position by 1,869 contracts to reach 34,936 contracts.

Current Futures Prices

Mar 25 CBOT Wheat is priced at $5.48 1/4, unchanged.

May 25 CBOT Wheat is at $5.59, unchanged.

Mar 25 KCBT Wheat stands at $5.55 3/4, unchanged.

May 25 KCBT Wheat is at $5.64 1/2, unchanged.

Mar 25 MGEX Wheat is priced at $5.93 3/4, unchanged.

May 25 MGEX Wheat shows $6.01 3/4, up 1/4 cent.

At the time of publication, Austin Schroeder did not hold (either directly or indirectly) any positions in the securities mentioned in this article. All information and data provided herein are intended solely for informational purposes. For further details, 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.