Wheat prices remained stable with the Chicago SRW futures increasing by 5 to 6 cents on Monday, December 18. Kansas City HRW futures rose by 6 to 7 cents, while Minneapolis spring wheat climbed by 2 cents. Open interest indicated light short covering with a reduction of 327 contracts.
According to Export Inspections data, the U.S. shipped 627,443 metric tons (MT) of wheat, marking a 28.2% increase from the previous week and a 46.79% rise compared to the same week last year. Major destinations included Mexico (98,816 MT), Japan (73,777 MT), Thailand (69,201 MT), and China (68,559 MT). Year-to-date shipments have reached 14.75 million metric tons, a 22.89% increase year-over-year. Additionally, Export Sales data indicated 381,532 MT of wheat sold in the week ending December 4, which is still 31.46% higher than the same week last year.
As of March 26, 2023, CBOT Wheat closed at $5.15 1/2, with KCBT Wheat at $5.21 1/4, and MGEX Wheat at $5.80. The upcoming Export Sales report is anticipated to show sales ranging from 300,000 to 600,000 MT.
