Wheat trading experienced early gains on Friday, particularly in winter wheat markets. Chicago SRW futures decreased by 2 to 3 cents on Thursday, while Kansas City HRW futures fell by 5 to 6 cents. Notably, open interest in Chicago wheat dropped by 349 contracts, but increased by 1,299 contracts for KC HRW wheat.
For the week ending January 8, U.S. wheat export sales totaled 156,255 metric tons, with significant purchases including 72,000 metric tons by unknown destinations and 61,500 metric tons to the Philippines. South Korea also acquired 92,300 metric tons of U.S. wheat. The European Union’s wheat production forecast was increased to 128.6 million metric tons, while their export projections were lowered to 28.8 million metric tons.
The markets will be closed on Monday, January 15, in observance of Martin Luther King Jr. Day, resuming trading on Monday evening.
