The wheat market experienced a midday rally on Monday, with Chicago SRW futures rising by 25 to 27 cents, KC HRW futures increasing by 14 to 15 cents, and MPLS spring wheat up by 17 to 19 cents. This movement follows a White House announcement stating that China will commit to purchasing at least $17 billion worth of U.S. agricultural products annually from 2026 to 2028.
Export Inspections data revealed that wheat shipments for the week ending May 14 totaled 223,972 metric tons (8.23 million bushels), a significant decrease of 56.23% from the previous week and a 48.08% drop compared to the same week last year. The Philippines was the leading destination for these shipments, receiving 65,999 MT, followed by Mexico with 65,465 MT and Japan with 34,808 MT. Year-to-date shipments have reached 23.099 million metric tons (848.73 million bushels), representing an increase of 11.32% year-over-year.
As of May 12, managed funds increased their net long position in Chicago wheat futures by 9,120 contracts, bringing the total to 19,023 contracts, while KC wheat futures saw a slight reduction of 79 contracts from their net long position, now at 37,790 contracts.
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