Wheat Rallying into Christmas Break

Market Performance - The wheat complex is experiencing gains across most contracts, with Chicago SRW futures up by 7 to 8 cents, KC HRW futures up by 6 to 7 cents, and MPLS spring wheat steady to 2 cents higher at midday [1] Export Data - As of December 11, wheat export commitments total 19.855 million metric tons (MMT), which is 22% higher than last year and represents 81% of the USDA's full marketing year projection, exceeding the average sales pace of 79% [2] Speculative Positions - CFTC data indicates an increase of 20,849 contracts in the spec net short for Chicago futures and options, bringing the total net short to 66,918 contracts. In KC wheat, managed money added 8,702 contracts to their net short, totaling 25,713 contracts as of December 16 [3] Price Movements - Current prices for various wheat contracts include: - Mar 26 CBOT Wheat at $5.24 1/2, up 7 1/2 cents - May 26 CBOT Wheat at $5.35, up 7 3/4 cents - Mar 26 KCBT Wheat at $5.35, up 7 cents - May 26 KCBT Wheat at $5.46 3/4, up 6 3/4 cents - Mar 26 MGEX Wheat at $5.82 1/4, up 2 cents - May 26 MGEX Wheat at $5.92 1/4, up 2 cents [3]