Wheat Market Overview - The wheat complex experienced a rally across three exchanges, primarily driven by winter wheat contracts, with Chicago SRW futures closing up 12 to 14 cents and March futures increasing by 11.5 cents this week [1] - KC HRW futures rose by 14 to 15 cents, with March futures up 13.5 cents for the week, while MPLS spring wheat lagged behind, gaining 1 to 2 cents but still achieving a 10-cent increase this week [1] - Freezing temperatures and minimal snow cover in parts of HRW regions may be contributing to price premiums ahead of the weekend [1] Export Sales Data - USDA Export Sales data indicated that 618,076 MT of wheat were sold in the week ending January 15, marking a 9-week high and more than tripling the sales from the same week last year [2] - The largest buyer was listed as unknown destinations, purchasing 130,600 MT, followed by Mexico with 115,900 MT and South Korea with 95,500 MT [2] Commitment of Traders Data - CFTC's Commitment of Traders data revealed that managed money added 4,471 contracts to their net short position as of January 20, bringing the net short position for CBT wheat to 110,700 contracts [3] - In KC wheat, speculators were net short by 13,018 contracts, with a slight increase of 237 contracts for the week [3] Closing Prices - Closing prices for various wheat futures on the date of publication included: - Mar 26 CBOT Wheat at $5.29 1/2, up 14 cents - May 26 CBOT Wheat at $5.39, up 12.5 cents - Mar 26 KCBT Wheat at $5.40 3/4, up 15 cents - May 26 KCBT Wheat at $5.50 1/2, up 14.5 cents - Mar 26 MIAX Wheat at $5.75, up 1.25 cents - May 26 MIAX Wheat at $5.87 3/4, up 1.5 cents [3]

Market Performance - The wheat complex experienced gains across three markets leading into the long weekend, with Chicago SRW futures rising by 7 to 8 cents on Friday, while March futures were up just ¾ cent from the previous week [1] - KC HRW futures saw increases of 9 to 10 cents in the nearby contracts, although March futures were down 3 cents for the week [1] - MPLS spring wheat prices increased by 2 to 3 cents across front months, with March futures down 2 ½ cents this week [1] Commitment of Traders Data - The weekly CFTC update indicated that managed money reduced their net short position in CBT wheat futures and options by 936 contracts, bringing the total to 106,229 contracts as of January 13 [2] - Speculators were net short by 12,781 contracts in KC wheat futures and options, reflecting a reduction of 2,874 contracts from the previous week [2] Export Sales and Commitments - Total wheat commitments reached 20.392 million metric tons (MMT), which is 15% higher than last year and represents 83% of the USDA's export projection, slightly below the 85% average pace [3] - Export shipments totaled 15.465 MMT, accounting for 63% of the USDA estimate and ahead of the 59% average shipping pace [3] - A South Korean importer purchased 92,300 metric tons of US wheat in a recent tender [3] Closing Prices - Closing prices for various wheat futures on March 26 included CBOT Wheat at $5.18 (up 7 ½ cents), KCBT Wheat at $5.27 ¼ (up 10 cents), and MIAX Wheat at $5.65 (up 2 ½ cents) [3]

Group 1 - The wheat complex is experiencing a rally, with hard red contracts pushing higher and Chicago SRW futures up by 2 to 3 cents, KC HRW futures up by 9 to 10 cents, and MPLS spring wheat up by 8 to 9.5 cents [1] - Export sales data for the week ending November 27 showed wheat sales of 460,655 MT, which is a 27.4% increase from the previous week and 21.8% larger than the same week last year [2] - Managed money reduced their net short position in CBT wheat by 9,905 contracts, resulting in a net short of 43,841 contracts, while in KC wheat, the net short was trimmed by 4,153 contracts to 17,911 contracts [3] Group 2 - Expana estimates the EU soft wheat crop for 2026/27 at 128.3 MMT, a decrease of 8.5 MMT from the previous year, while SovEcon estimates the Russian wheat crop for 2026 at 83.8 MMT, unchanged from the previous forecast but down 5 MMT from the prior year [4] - Current wheat prices include March 26 CBOT Wheat at $5.08 1/2 (up 2 1/4 cents), May 26 CBOT Wheat at $5.19 1/2 (up 2 1/4 cents), March 26 KCBT Wheat at $5.17 1/2 (up 9 3/4 cents), and May 26 KCBT Wheat at $5.29 1/2 (up 9 1/4 cents) [4]