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 - The wheat market is experiencing mostly lower trade in winter wheat contracts, while spring wheat shows slight increases. Chicago SRW futures fell by 5 to 6 cents, with March down 8 ¼ cents for the week. Open interest decreased by 8,052 contracts [1] - KC HRW futures declined by 7 to 8 cents, with March slipping 13 ½ cents last week and open interest down by 6,401 contracts. MPLS spring wheat remained steady to 2 cents lower, with March down 8 ¼ cents for the week [1] Export Data - Wheat export commitments reached 21.974 million metric tons (MMT), reflecting a 17% improvement compared to the same week last year. This figure represents 90% of the USDA's forecast, slightly trailing the 91% average pace [2] Upcoming Reports and Speculative Positions - The USDA is set to release updated WASDE data, with analysts predicting US wheat stocks at an average of 918 million bushels (mbu), which is a decrease of 8 mbu from January if realized [3] - CFTC data indicates a reduction of 12,988 contracts from the speculative fund's CBT wheat net short position, bringing the net short to 81,755 contracts. In KC wheat, managed money trimmed another 1,485 contracts from the net short position, now at 8,844 contracts [3] Price Movements - On March 26, CBOT Wheat closed at $5.29 3/4, down 5 1/2 cents, with a current decrease of 3/4 cent. KCBT Wheat closed at $5.31 1/4, down 7 1/4 cents, currently down 2 cents. MIAX Wheat closed at $5.70, down 1 1/2 cents, currently up 3/4 cent [4]

Market Overview - Wheat is experiencing losses across three markets on Monday morning, influenced by a $0.893 increase in the dollar index, which added pressure to prices [1] - Chicago SRW futures recorded losses of 3 to 4 ¼ cents, although March futures were up 8 ½ cents for the week [1] - KC HRW futures declined by 2 to 3 cents at the close, with March holding a 4 cent gain [1] - MPLS spring wheat also saw losses of 3 to 4 cents, while March was up 3 ¼ cents for the week [1] Commitment of Traders Data - Managed money in Chicago wheat futures and options reduced their net short position by 15,957 contracts, bringing the total to 94,743 contracts as of January 27 [2] - In KC wheat, spec traders decreased their net short position by 2,689 contracts, resulting in a total of 10,329 contracts [2] Export Sales and Commitments - Accumulated wheat sale commitments reached 21.595 million metric tons (MMT), which is 18% higher than the same week last year, representing 88% of the USDA's forecast and aligning with the 89% average pace [3] - Taiwan purchased a total of 106,350 metric tons of wheat from the US in a recent tender [3] Price Movements - On March 26, CBOT Wheat closed at $5.38, down 3 ½ cents, and is currently down 4 ¼ cents [3] - May 26 CBOT Wheat closed at $5.46, down 4 ¼ cents, and is currently down 4 ¼ cents [3] - March 26 KCBT Wheat closed at $5.44 ¾, down 2 ¼ cents, and is currently down 4 ¼ cents [3] - May 26 KCBT Wheat closed at $5.55, down 2 ¾ cents, and is currently down 4 ½ cents [3] - March 26 MIAX Wheat closed at $5.78 ¼, down 3 ¼ cents, and is currently down 4 ¾ cents [3] - May 26 MIAX Wheat closed at $5.92 ½, down 3 cents, and is currently down 5 cents [3]

Core Viewpoint - The wheat complex is experiencing a rally, with significant gains in futures prices attributed to a weaker dollar index providing market support [1]. Price Movements - Chicago SRW futures are up by 13 to 14 cents, with March 26 CBOT Wheat at $5.37 1/2 [2]. - KC HRW futures have increased by 10 to 12 cents, with March 26 KCBT Wheat at $5.43 1/2 [2]. - MPLS spring wheat is trading 4 to 5 cents higher at midday [1]. Market Support Factors - The weakness in the dollar index this week has contributed to the upward movement in wheat prices [1]. Export Sales Expectations - Upcoming Export Sales data is anticipated to show wheat sales for the week ending January 22, with expectations ranging between 275,000 and 600,000 MT in wheat bookings [1].

Market Overview - Wheat trading showed mixed results early on Monday, with a rally observed across the three exchanges on Friday, particularly in winter wheat contracts [1] - Chicago SRW futures closed up by 12 to 14 cents, with March futures increasing by 11.5 cents over the 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 with a gain of 10 cents last week [1] Export Sales Data - USDA Export Sales data indicated a total of 618,076 MT of wheat sold for 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 March 26 were as follows: CBOT Wheat at $5.29.5 (up 14 cents), KCBT Wheat at $5.40.75 (up 15 cents), and MIAX Wheat at $5.75 (up 1.25 cents) [3]

Market Overview - Wheat is experiencing gains of 4 to 9 cents as of Monday morning, with Chicago SRW futures showing a slight decrease while KC HRW futures closed higher [1] - Open interest in Chicago SRW futures increased by 3,792 contracts on Friday, while KC HRW futures saw a decrease of 463 contracts [1] USDA Reports - The USDA is set to release the Winter Wheat Seedings report, with analysts predicting a total winter wheat acreage of 32.4 million acres, including 23 million acres for HRW, 5.9 million acres for SRW, and 3.5 million acres for white wheat [2] - US wheat ending stocks are expected to decrease by 5 million bushels to 896 million bushels according to the WASDE report [2] Grain Stocks Report - The upcoming quarterly Grain Stocks report is anticipated to show an average estimate of 1.636 billion bushels of wheat on hand as of December 1, with estimates ranging from 1.59 to 1.696 billion bushels [3] Commitment of Traders Data - Recent Commitment of Traders data indicates that managed money has increased their net short position in CBT wheat futures and options to 107,165 contracts as of January 6 [4] - In contrast, spec traders in KC wheat have reduced their net short position by 2,664 contracts to 15,655 contracts, marking the smallest net short since November 2024 [4] Price Movements - As of the latest data, various wheat futures prices are as follows: - March 26 CBOT Wheat closed at $5.17 1/4, currently up 7 3/4 cents - May 26 CBOT Wheat closed at $5.28 3/4, currently up 7 1/4 cents - March 26 KCBT Wheat closed at $5.30 1/4, currently up 9 cents - May 26 KCBT Wheat closed at $5.43, currently up 7 cents - March 26 MIAX Wheat closed at $5.68 1/2, currently up 4 1/4 cents - May 26 MIAX Wheat closed at $5.78, currently up 4 1/4 cents [4]

Market Overview - Wheat trading is mixed, with winter wheats showing higher prices. The wheat complex saw gains across three exchanges, with Chicago SRW futures closing up by 5 to 6 cents. Open interest decreased by 4,044 contracts, indicating short covering [1] Export Data - The Export Inspections report indicated a total of 183,305 MT (6.74 million bushels) of wheat shipped for the week of January 1, which is 42.47% lower than the previous week and 55.57% lower than the same week last year. The Philippines was the largest destination, receiving 74,996 MT, followed by Mexico with 70,722 MT and Japan with 33,571 MT. The total for the marketing year now stands at 15.263 MMT (560.8 million bushels), which is 19.64% higher than the same period last year [2] Sales Data - USDA Export Sales data revealed that only 95,385 MT of wheat was sold for the week of Christmas, falling below trade expectations of 100,000 to 500,000 MT. This figure represents a marketing year low and is down 32.15% from the same week last year [3] Trader Positions - The latest CFTC Commitment of Traders report showed that managed money increased their net short position in CBT wheat futures and options to 94,626 contracts as of December 30. In KC wheat, spec funds were net short 18,319 contracts, a reduction of 6,430 contracts from the previous week [4]

Market Performance - The wheat complex is experiencing gains across three markets ahead of the holiday, with Chicago SRW futures trading 4 to 5 cents higher, KC HRW futures up 3 to 7 cents, and MPLS spring wheat futures increasing by 4 to 5 cents, with December futures up 16 cents [1] - The markets will be closed on Thursday for Thanksgiving, with a hard open at 8:30 CST on Friday and an early close [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 added 4,170 contracts to their net short position, totaling 67,704 contracts [2] Import Activity - A South Korean importer purchased a total of 91,300 MT of wheat from the US and 40,000 MT from Canada in their tender [3] Futures Prices - As of the date of publication, the following wheat futures prices were noted: - Dec 25 CBOT Wheat at $5.32 1/4, up 5 cents - Mar 26 CBOT Wheat at $5.43 1/2, up 4 1/4 cents - Dec 25 KCBT Wheat at $5.19 3/4, up 6 1/2 cents - Mar 26 KCBT Wheat at $5.31 3/4, up 3 1/2 cents - Dec 25 MGEX Wheat at $5.96, up 16 cents - Mar 26 MGEX Wheat at $5.85 1/4, up 4 1/2 cents [3]