Wheat Trading Lower on Tuesday Morning

Market Overview - Wheat markets are experiencing losses, with Chicago SRW futures down 8 to 9 cents, KC HRW futures down 6 to 7 cents, and MPLS spring wheat down 6 to 7 cents [1] - Open interest in wheat futures has increased by 13,890 contracts, indicating new selling interest [1] Export Data - The Export Inspections report indicated that 488,025 MT (17.93 million bushels) of wheat were shipped in the week of December 11, which is 23.2% higher than the previous week and 61.38% larger than the same week last year [2] - The Philippines was the largest buyer, importing 113,367 MT, followed by Mexico with 89,044 MT and South Korea with 66,008 MT [2] - The total wheat shipped for the marketing year is now 14.124 MMT (425.42 million bushels), which is 21.9% above the same period last year [2] Sales and Trading Activity - Export Sales data for the week ending November 20 showed 361,715 MT, marking a 5-week low for bookings and slightly below the same week last year [3] - Commitment of Traders data revealed that speculative funds in CBT wheat futures and options increased their net short position by 5,055 contracts to 53,746 contracts, while in KC wheat, the net short position rose by 2,125 contracts to 22,064 contracts [3] Acreage Estimates - The French farm ministry estimates the 2026 soft wheat acreage at 4.56 million hectares (11.25 million acres), an increase of 0.1 million hectares from last year [4] Price Movements - Recent closing prices for wheat futures include: - Mar 26 CBOT Wheat at $5.20 3/4, down 8 1/2 cents - May 26 CBOT Wheat at $5.29, down 8 1/4 cents - Mar 26 KCBT Wheat at $5.12, down 6 cents - May 26 KCBT Wheat at $5.24 1/4, down 6 1/4 cents - Mar 26 MGEX Wheat at $5.69 3/4, down 7 cents - May 26 MGEX Wheat at $5.78 1/4, down 6 1/4 cents [4]