Wheat Market Sees Strong Gains Amid Mixed Export Data
The wheat complex is experiencing double-digit strength this Monday. Chicago SRW futures are up 13 to 14 cents at midday. In contrast, KC HRW futures are seeing gains of 17 to 18 cents for the front months. The CME reported 19 delivery notices for March KC wheat, alongside 10 deliveries for March CBT. Meanwhile, MPLS spring wheat has risen by 12 to 13 cents in the nearby contracts.
Export Data Reflects Decline
The USDA Export Inspections report indicated that a total of 216,713 MT (7.94 mbu) of wheat was shipped during the week of March 6. This figure marks a 44.65% decrease from the previous week and is less than half of what was recorded in the same week last year. Mexico emerged as the largest destination, receiving 139,200 MT, followed by shipments of 37,459 MT. Year-to-date shipments for this marketing year stand at 15.848 MMT (582.3 mbu), which represents a 17.778% increase compared to the same time last year.
Upcoming Reports and Market Expectations
On Tuesday, the USDA will release its monthly WASDE report, where traders anticipate no significant changes to the U.S. ending stocks projection. The average trade estimate is pegged at 797 mbu, reflecting a modest 3 mbu increase from the previous month. Changes to the world number are also expected to be minimal, with an average estimate rising by 0.04 MMT to 257.6 MMT.
Traders’ Positions Update
The Commitment of Traders report released Friday revealed that managed money’s CBT wheat net short position reached 82,399 contracts, an increase of 14,785 from the prior week. In the KC wheat market, traders added another 17,947 contracts to their net short position, bringing the total to 39,282 contracts as of Tuesday.
Current Wheat Prices
As for the current prices:
- Mar 25 CBOT Wheat: $5.48 1/4, up 14 1/2 cents
- May 25 CBOT Wheat: $5.64 3/4, up 13 1/2 cents
- Mar 25 KCBT Wheat: $5.51 1/4, down 1/4 cent
- May 25 KCBT Wheat: $5.82 1/2, up 17 3/4 cents
- Mar 25 MGEX Wheat: $5.78, down 1 1/4 cents
- May 25 MGEX Wheat: $6.05 1/2, up 12 3/4 cents
On the date of publication, Austin Schroeder did not hold any positions (either directly or indirectly) in the securities mentioned in this article. The information provided in this article is for informational purposes only. For additional details, please view the Barchart Disclosure Policy.
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