Wheat Posts Tuesday Gains

Market Performance - The wheat complex showed strength across three markets, with Chicago SRW futures gaining 4 to 5 cents, KC HRW futures up 5 to 6 cents, and MPLS spring wheat futures increasing by 12 ¼ cents in December contracts, with other months rising by 4 to 5 cents [1] - The markets will be closed on Thursday for Thanksgiving, reopening at 8:30 CST on Friday [1] Commitment of Traders Data - Managed money added 14,387 contracts to their net short position in CBT wheat futures and options, bringing the total to 111,743 contracts for the week of October 14 [2] - In KC wheat, managed money increased their net short position by 4,170 contracts, totaling 67,704 contracts [2] Export Sales and Tender Activity - Delayed Export Sales data for the week of October 9 reported 613,899 MT of wheat sold, exceeding trade estimates of 350,000 to 650,000 MT, although it was lower than the previous week but up 21.78% from the same week last year [3] - A South Korean importer tendered for 90,000 MT of wheat from the US and Canada [4] Crop Estimates and Export Totals - IKAR estimates the 2026 wheat crop in Russia to be between 86-91 MMT [4] - EU wheat exports from July 1 to November 21 totaled 9.19 MMT, which is 0.5 MMT lower than the same period last year [4] Closing Prices - Closing prices for various wheat futures on December 25 and March 26 showed increases, with CBOT Wheat at $5.27 1/4 (up 5 cents) and KCBT Wheat at $5.13 1/4 (up 6 cents) [4]