Wheat Mixed in Early Tuesday Trade

Market Performance - Wheat contracts are showing mixed action, with hard red contracts mostly weaker, while CBT soft red wheat futures increased by 9 to 10 cents [1] - The wheat market closed higher on Monday, with KC HRW futures gaining 7 to 10 cents and MPLS spring wheat futures seeing gains of 4 to 6 cents [1] Export Data - The Export Inspections report indicated a total of 350,293 MT (12.87 million bushels) of wheat shipped in the week of 10/30, which is 30.02% higher than the previous week and 60.96% higher than the same week last year [2] - Mexico was the largest buyer, importing 61,922 MT, followed by the Philippines with 57,564 MT and South Korea with 54,999 MT [2] - The total wheat shipped for the marketing year now stands at 11.825 MMT (434.4 million bushels), which is 20.51% above the same period last year [2] International Developments - A report from Bloomberg indicates that China is looking to purchase wheat from the US [3] - SovEcon estimates the Russian wheat crop for 2025/26 at 87.8 MMT [3] Futures Prices - As of the latest close, Dec 25 CBOT Wheat was at $5.43 1/2, up 9 1/2 cents, while Mar 26 CBOT Wheat closed at $5.57 1/2, up 9 cents [3] - Dec 25 KCBT Wheat closed at $5.31 3/4, up 7 1/4 cents, and Mar 26 KCBT Wheat closed at $5.46 1/2, up 9 3/4 cents [3] - Dec 25 MGEX Wheat closed at $5.59 1/2, up 5 1/2 cents, and Mar 26 MGEX Wheat closed at $5.78 1/2, up 4 1/2 cents [3]