Wheat Futures Show Midday Gains Across Exchanges
The wheat market is experiencing positive movement during Monday’s midday trading. Chicago SRW futures are showing slight increases of up to 1 ½ cents, except for December contracts which are affected by low trading volume. On Friday night, five delivery notices were issued against December Chicago wheat. Kansas City (KC) HRW contracts have risen by 3 to 4 cents, while Minneapolis (MPLS) spring wheat is up 3 to 5 cents.
Export Numbers Highlight a Mixed Bag of Performance
According to the weekly Export Inspections report from the FGIS, a total of 226,513 MT (8.32 million bushels) of wheat was shipped for the week ending December 5. This figure represents a decline of 24.13% compared to the previous week and is also 22.89% lower than the same week last year. Indonesia received 67,510 MT, and Mexico took in 44,207 MT. Year-to-date shipments since June 1 have reached 11.217 MMT (412.15 million bushels), marking a 29.98% increase from last year.
Traders Adjust Positions Ahead of Key Reports
The Commitment of Traders report from the CFTC indicates that speculative traders have increased their net short positions in CBT wheat by 10,268 contracts, bringing the total to 69,386 contracts as of Tuesday, December 3—the highest since August. In KC wheat, net short positions were raised by 7,769 contracts, reaching 38,430 contracts.
Wheat Stock Projections and Current Pricing
As the market prepares for the upcoming monthly WASDE report, analysts expect U.S. wheat stocks to remain unchanged from last month’s 815 million bushels. Globally, wheat stocks are anticipated to be slightly higher at 257.68 MMT.
Dec 24 CBOT Wheat is trading at $5.42 1/2, down 4 1/4 cents.
Mar 25 CBOT Wheat is at $5.58 3/4, up 1 1/2 cents.
Dec 24 KCBT Wheat is at $5.37 1/4, up 1 1/4 cents.
Mar 25 KCBT Wheat is at $5.57 1/2, up 3 3/4 cents.
Dec 24 MGEX Wheat is at $5.82 1/4, up 13 3/4 cents.
Mar 25 MGEX Wheat is at $6.01 1/4, up 4 3/4 cents.
On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information and data in this article are for informational purposes only. For more details, please view the Barchart Disclosure Policy here.
The views expressed in this article are those of the author and do not necessarily reflect the views of Nasdaq, Inc.
