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]

Market Overview - The wheat complex exhibited mixed performance, with the Kansas City (KC) wheat market being the weakest among the segments [1] - Chicago SRW futures increased by 1 to 2 cents, but March futures were down 19 ½ cents for the week [1] - KC HRW futures experienced losses of 1 to 2 cents, with March down 2 ¾ cents for the week [1] - MPLS spring wheat saw gains of 5 to 6 cents on Friday, closing the week up 2 ¼ cents [1] Export Sales and Demand - Export Sales data is expected to be released on Monday, with analysts predicting wheat sales between 300,000 to 600,000 MT for the week ending December 4 [2] Speculative Trading and Crop Estimates - A CFTC update indicated that spec traders in CBT wheat futures and options increased their net short position by 2,228 contracts, totaling 46,069 contracts as of December 19 [3] - In KC wheat, managed money reduced their net short position by 900 contracts, bringing it to 17,011 contracts [3] - South Korea has purchased 50,000 MT of wheat from the US and 9,200 MT from Canada [3] - The Buenos Aires Grain Exchange estimates the Argentine wheat crop at 27.1 million metric tons (MMT), an increase of 1.6 MMT from previous estimates [3] Price Movements - Closing prices for various wheat futures on March 26 were as follows: - CBOT Wheat: March at $5.09 ¾ (up 2 cents), May at $5.20 ½ (up 1 ¾ cents) [4] - KCBT Wheat: March at $5.15 ¼ (down 1 ¾ cents), May at $5.27 ¾ (down 1 ½ cents) [4] - MGEX Wheat: March at $5.78 (up 5 cents), May at $5.89 ½ (up 5 ½ cents) [4]

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]

Market Performance - The wheat complex experienced losses across all three markets, with CBT soft red wheat futures down 1 to 2 cents, KC HRW futures down 2 to 3 cents, and MPLS spring wheat futures down 3 to 4 ¼ cents [1] - The US dollar index increased by $0.334 to 97.305, adding pressure to commodity prices [1] Weather Forecast - The 7-day forecast predicts 1-3 inches of rain in the eastern portions of the Central Plain, extending to the Appalachian range [2] Trader Positions - The Commitment of Traders report indicated that spec funds in Chicago wheat futures and options reduced their net short position by 6,569 contracts, totaling 85,825 contracts [2] - In Kansas City wheat futures and options, the net short position was trimmed by 1,491 contracts, bringing the total to 51,534 contracts as of September 16 [2] Export Sales - The weekly Export Sales report showed accumulated sales at 13.156 million metric tons (MMT), which is 20% larger than last year and a 5-year high for this week [3] - This figure represents 54% of the USDA wheat export projection and is 1 point ahead of the 5-year average sale pace [3] Closing Prices - Closing prices for various wheat futures on December 25 and March 26 showed declines, with CBOT Wheat at $5.22 1/2 down 1 3/4 cents, KCBT Wheat at $5.07 1/4 down 2 3/4 cents, and MGEX Wheat at $5.68 1/2 down 4 1/4 cents [3]