Market Overview - The wheat complex experienced a decline on Wednesday, with all three exchanges closing out 2025 with losses. Chicago SRW futures fell by 3 to 4 cents, KC HRW futures decreased by 7 to 8 cents, and MPLS spring wheat was down by 4 to 5 cents at the close [1]. Commitment of Traders - As of December 23, spec traders held a net short position of 91,665 contracts in CBT wheat futures and options, which is an increase of 24,747 contracts from the previous week. Managed money in KC wheat had a net short position of 24,749 contracts, reflecting a reduction of 964 contracts [2]. Export Sales Data - Export sales data for the week of December 18 showed wheat sales at 147,834 MT, which is a 35.83% decrease from the previous week and 75.86% lower than the same week last year. This figure fell within analysts' estimates ranging from 50,000 MT in net reductions to 400,000 MT in sales [3].

Market Performance - The wheat market experienced losses across all three markets, with CBT soft red wheat futures closing down 6 to 7 ¼ cents, and December futures down 2 ¾ cents for the week [1] - KC HRW futures also saw declines of 6 to 7 cents, with December ending the week down 1 ¾ cents [1] - MPLS spring wheat futures posted losses of 5 to 6 cents, although December managed a slight gain of ¼ cent since last Friday [1] Speculative Positions - Speculative traders in Chicago wheat futures and options increased their net short position by 12,110 contracts, bringing the total to 97,935 contracts as of September 23 [2] - In Kansas City wheat, managed money reduced their net short position by 1,230 contracts to 50,304 contracts as of the same date [2] Export Commitments - The USDA Export Sales report indicated export sale commitments at 13.699 million metric tons (MMT), which is a 23% increase from the previous year and the highest level since 2013/14 [3] - This figure represents 56% of the USDA's export projection and is ahead of the 5-year average pace of 54% [3] Stock Estimates - Analysts anticipate that the USDA's Grain Stocks report will show wheat stocks on hand at 2.054 billion bushels (bbu) as of September 1, with estimates ranging from 1.975 to 2.22 bbu [3] Russian Wheat Exports - Sovecon estimates Russian wheat exports at 43.4 MMT, a decrease of 0.3 MMT from the previous estimate [4] Closing Prices - Closing prices for various wheat futures on December 25 and March 26 showed declines, with CBOT Wheat at $5.19 3/4 (down 7 1/4 cents) and KCBT Wheat at $5.05 1/2 (down 6 3/4 cents) [4]