Wheat Posting Mixed Trade on Tuesday Morning

Market Overview - Wheat trading is mixed, with winter wheats showing higher prices. The wheat complex saw gains across three exchanges, with Chicago SRW futures closing up by 5 to 6 cents. Open interest decreased by 4,044 contracts, indicating short covering [1] Export Data - The Export Inspections report indicated a total of 183,305 MT (6.74 million bushels) of wheat shipped for the week of January 1, which is 42.47% lower than the previous week and 55.57% lower than the same week last year. The Philippines was the largest destination, receiving 74,996 MT, followed by Mexico with 70,722 MT and Japan with 33,571 MT. The total for the marketing year now stands at 15.263 MMT (560.8 million bushels), which is 19.64% higher than the same period last year [2] Sales Data - USDA Export Sales data revealed that only 95,385 MT of wheat was sold for the week of Christmas, falling below trade expectations of 100,000 to 500,000 MT. This figure represents a marketing year low and is down 32.15% from the same week last year [3] Trader Positions - The latest CFTC Commitment of Traders report showed that managed money increased their net short position in CBT wheat futures and options to 94,626 contracts as of December 30. In KC wheat, spec funds were net short 18,319 contracts, a reduction of 6,430 contracts from the previous week [4]