Wheat futures saw an upswing on Thursday, January 22, with Chicago SRW contracts rising by 5 to 6 cents, KC HRW contracts increasing by 4 to 5 cents, and MPLS spring wheat closing 7 to 9 cents higher. Key closing prices included Mar 26 CBOT Wheat at $5.41 1/2, up 5 1/2 cents, and May 26 MIAX Wheat at $5.95 1/2, up 8 1/4 cents.
Export sales data showed wheat sales for the week ending January 22 totaled 558,201 metric tons (MT), down from the previous week but 22.39% higher than the same week last year. Japan was the largest buyer with 141,300 MT, followed by Mexico with 96,800 MT and Nigeria with 90,500 MT.
Additionally, monthly census trade data for November indicated wheat exports at 1.616 million MT (59.4 million bushels), marking a five-year high for the month. In Europe, the European Commission reported an estimated EU wheat production of 134.2 million MT, down 0.2 million MT from the previous month, while ending stocks rose by 1.3 million MT.
