Wheat Prices Show Gains Amid Mixed Export Data and Market Dynamics

Wheat futures are experiencing a midday boost across all three exchanges today. Chicago SRW futures have risen by 6 to 8 cents in the near term. Kansas City (KC) HRW futures are up 7 to 8 cents for the front months. Meanwhile, Minneapolis (MPLS) spring wheat has increased by 4 to 5 cents during the session.

Export Inspections Reveal Mixed Results

Recent Export Inspections data indicated that wheat exports totaled 251,637 metric tons (MT) for the week ending January 30. This represents a significant decline of 47.86% compared to last week and is 14.52% lower than the same week last year. Shipments have been fairly well distributed, with significant amounts sent to the Philippines (55,000 MT), South Korea (40,000 MT), and Egypt (38,303 MT). Marketing year shipments now stand at 14.03 million metric tons (515.5 million bushels), showcasing a 21.12% increase compared to this time last year.

Tariff Developments Following Presidential Meeting

This morning, in the wake of a meeting between President Trump and Mexico’s President, the introduction of tariffs on Mexican goods has been delayed by a month, moving back the expected start from Tuesday. The delay comes as Mexico plans to deploy 10,000 troops to its border to curb drug trafficking. There remains no official update regarding the timeline for Canadian tariffs.

Trader Commitments Indicate Market Sentiment

Recent Commitment of Traders data shows speculators increasing their net short positions in Chicago Board of Trade (CBT) wheat by 18,990 contracts as of January 28, bringing the total to 110,782 contracts. In Kansas City wheat, short positions also rose, with an addition of 7,255 contracts, totaling 42,386 contracts by Tuesday.

Current Wheat Futures Prices

As of now, prices for various wheat futures are as follows:

• Mar 25 CBOT Wheat: $5.67 1/2, up 8 cents
• May 25 CBOT Wheat: $5.79, up 6 3/4 cents
• Mar 25 KCBT Wheat: $5.87, up 7 3/4 cents
• May 25 KCBT Wheat: $5.96 1/4, up 7 1/4 cents
• Mar 25 MGEX Wheat: $6.20, up 4 1/2 cents
• May 25 MGEX Wheat: $6.27 1/2, up 4 1/2 cents

On the date of publication,

Austin Schroeder

did not have (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.

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