Market Overview - Wheat trading shows mixed results with winter wheat prices increasing while spring wheat prices decline [1] - The wheat complex experienced weakness across most contracts, with Chicago SRW futures slightly lower and open interest decreasing by 5,866 contracts [1] Export Data - USDA's FGIS reported wheat export shipments at 580,130 MT (21.32 million bushels) for the week ending February 5, marking a 75.52% increase from the previous week and a 1.72% increase compared to the same week last year [2] - The Philippines was the leading destination for wheat exports, receiving 179,957 MT, followed by Bangladesh with 119,479 MT and Mexico with 103,146 MT [2] - Cumulative marketing year exports for 2025/26 reached 17.327 MMT (636.6 million bushels) since June 1, representing an 18.36% increase over the same period last year [2] WASDE Data Expectations - The USDA is set to release updated WASDE data, with analysts predicting US wheat stocks to average 918 million bushels, a decrease of 8 million bushels from January [3] - World wheat stocks are estimated to be 278.6 MMT, which is 0.3 MMT higher than the January estimate [3] Futures Market Performance - Recent closing prices for various wheat futures include: - Mar 26 CBOT Wheat at $5.28 3/4, down 1 cent - May 26 CBOT Wheat at $5.38 3/4, down 1/4 cent - Mar 26 KCBT Wheat at $5.28 3/4, down 2 1/2 cents - May 26 KCBT Wheat at $5.41 3/4, down 1 3/4 cents - Mar 26 MIAX Wheat at $5.71 1/2, up 1/2 cent - May 26 MIAX Wheat at $5.81 1/4, down 1 1/4 cents [3]

Market Overview - Soybeans are experiencing losses of 2 to 4 ½ cents early on Wednesday, following Tuesday's losses of 6 to 8 cents in nearby futures, indicating a downward trend in the market [1] - Preliminary open interest decreased by 14,382 contracts on Tuesday, suggesting that some long positions are being exited [1] - The national average cash bean price fell by 4 ¾ cents to $10.18 1/4 [1] Futures and Prices - Soymeal futures are down by 60 cents to $5.40, while Soy Oil futures are lower by 15 to 19 points [1] - Specific closing prices for January, March, and May 2026 soybeans are reported as follows: - Jan 26: $10.87 1/4, down 6 ½ cents - Mar 26: $10.98 1/4, down 7 ½ cents - May 26: $11.08 3/4, down 8 cents [4] WASDE and Global Supply - The WASDE data update did not result in any adjustments on the US side, with projected ending stocks remaining steady at 290 million bushels [2] - On the global side, South American production remains steady, with world stocks increased by 0.38 million metric tons to 122.37 million metric tons [3] Export Data - Brazilian soybean exports for December are estimated at 3.33 million metric tons, which is 0.52 million metric tons above previous estimates and 3.3 million metric tons higher than the same month last year [4] - Argentina's economy minister announced a reduction in the soybean export tax by 2 points to 24%, with product taxes also reduced to 22.5% [4] Commitment of Traders Report - The CFTC Commitment of Traders report indicates an increase of 60,194 contracts in the managed money net long position as of November 4, bringing the total to 178,683 contracts [3] - The two-week movement shows a significant increase of 143,354 contracts to the long side, marking the largest two-week bull move on record [3]

Market Overview - Soybeans are experiencing fractional gains across most contracts, with futures posting losses of 11 to 15 cents on Friday, and January contracts down 32 cents for the week [1] - The national average Cash Bean price decreased by 14 1/4 cents to $10.34 1/2 [1] - Soymeal futures declined by $3.50 to $4.20, with a weekly loss of $11.30 for January contracts [1] - Soy Oil futures remained steady to 17 points lower, with January down 36 points [1] Commitment of Traders Data - Managed money increased their net long position by 83,160 contracts to a total of 118,489 contracts around the time of the Trump/Xi meeting [2] - Commercials added 96,154 contracts to their net short position, bringing it to 245,133 contracts, marking the largest net short since May 2022 [2] Export Sales and Projections - USDA Export Sales reports for the week ending on November 6 are expected to show soybean bookings between 0.45-1.6 MMT, with known sales including 132,000 MT to China and 117,000 MT to unknown destinations [3] - Soybean meal sales are projected at 50,000 to 400,000 MT, while bean oil sales are estimated at 5,000 to 25,000 MT [3] WASDE Data and Import Trends - The upcoming WASDE data update is anticipated to show US soybean ending stocks at 306 mbu, an increase of 16 mbu from the previous month [4] - China imported 8.11 MMT of soybeans in November, reflecting a 14.5% decrease from October [4] - Argentina's soybean planting is estimated at 45%, slightly below last year's pace, while Brazil's soybean crop is 94% planted, trailing last year's 95% [4]