Wheat is heading into the New Years Eve session with losses across the three markets. The wheat complex closed with losses across all three exchanges on Tuesday. Chicago SRW futures were 2 to 3 cents lower at the close. Open interest was up 6,890 contracts on Tuesday, KC HRW futures were down 5 to 6 cents on Tuesday. Preliminary open interest was down 8181 contracts on Tuesday. MPLS spring wheat was fractionally lower on the day. The market will be closed on Thursday for New Years Day, with a hard open at ...

Market Performance - Wheat contracts are showing mixed action, with hard red contracts mostly weaker, while CBT soft red wheat futures increased by 9 to 10 cents [1] - The wheat market closed higher on Monday, with KC HRW futures gaining 7 to 10 cents and MPLS spring wheat futures seeing gains of 4 to 6 cents [1] Export Data - The Export Inspections report indicated a total of 350,293 MT (12.87 million bushels) of wheat shipped in the week of 10/30, which is 30.02% higher than the previous week and 60.96% higher than the same week last year [2] - Mexico was the largest buyer, importing 61,922 MT, followed by the Philippines with 57,564 MT and South Korea with 54,999 MT [2] - The total wheat shipped for the marketing year now stands at 11.825 MMT (434.4 million bushels), which is 20.51% above the same period last year [2] International Developments - A report from Bloomberg indicates that China is looking to purchase wheat from the US [3] - SovEcon estimates the Russian wheat crop for 2025/26 at 87.8 MMT [3] Futures Prices - As of the latest close, Dec 25 CBOT Wheat was at $5.43 1/2, up 9 1/2 cents, while Mar 26 CBOT Wheat closed at $5.57 1/2, up 9 cents [3] - Dec 25 KCBT Wheat closed at $5.31 3/4, up 7 1/4 cents, and Mar 26 KCBT Wheat closed at $5.46 1/2, up 9 3/4 cents [3] - Dec 25 MGEX Wheat closed at $5.59 1/2, up 5 1/2 cents, and Mar 26 MGEX Wheat closed at $5.78 1/2, up 4 1/2 cents [3]

Corn Market - The corn market showed new buying interest with December futures testing $4.10, reaching a high of $4.1925 overnight on low trade volume of 10,500 contracts [1] - The National Corn Index increased to $3.7450, up 1.25 cents from Tuesday, indicating slight upward pressure on cash bids [1] - December futures are currently priced at $4.1650, placing them in the lower 23% of their 5-year price distribution range based on weekly closes [1] - Open interest in corn increased by 22,000 contracts during the recent rally, suggesting that the price movement was not solely due to short-covering [1] Soybean Market - The soybean market remained near unchanged, with November futures showing a trading range of 6.0 cents and a volume of 15,300 contracts [3] - The National Soybean Index rose to $9.3350, up 13.25 cents, but there are concerns about the sustainability of this increase due to weakening basis in some areas [3] - The Index recorded its lowest monthly close since August 2020, raising questions about future price movements amid government shutdowns affecting sales announcements [3] Wheat Market - The wheat sub-sector was also near unchanged, with December SRW futures showing a trading range of 2.75 cents and a volume of 5,350 contracts [4] - The National SRW Index reported a daily gain of 3.0 cents, despite December futures closing lower, indicating potential discrepancies in market fundamentals [4] - Concerns arise regarding the reliability of National Indexes, as significant changes in cash prices and basis could indicate corrupted data affecting market analysis [4]