Market Overview - The wheat complex is experiencing losses at the start of the week, with Chicago SRW futures down by 5 to 7 cents, KC HRW futures down by 7 to 9 cents, and MPLS spring wheat down by 3 to 4 cents [1] Export Data - The Export Inspections report indicated that 351,001 MT (12.9 million bushels) of wheat were shipped in the week of January 22, which is 11.76% lower than the previous week and 27.56% lower than the same week last year. South Korea was the largest destination, receiving 119,036 MT, followed by Japan with 73,230 MT and Mexico with 63,773 MT. The total for the marketing year now stands at 16.33 MMT (600.05 million bushels), which is 18.21% higher than the same period last year [2] Sales Commitments - USDA Export Sales data reported 21.03 MMT of wheat commitments by January 15, which is 18% above last year and represents 86% of the USDA's projected sales, close to the average sales pace of 87% [3] Trader Positions - Commitment of Traders data revealed that managed money increased their net short position by 4,471 contracts as of January 20, bringing the total net short position for CBT wheat to 110,700 contracts. In KC wheat, speculators were net short by 13,018 contracts, with a slight increase of 237 contracts for the week [4] Current Prices - As of the publication date, the following wheat futures prices were noted: - Mar 26 CBOT Wheat at $5.22 1/2, down 7 cents - May 26 CBOT Wheat at $5.33 1/4, down 5 3/4 cents - Mar 26 KCBT Wheat at $5.32, down 8 3/4 cents - May 26 KCBT Wheat at $5.42 3/4, down 7 3/4 cents - Mar 26 MIAX Wheat at $5.71 3/4, down 3 1/4 cents - May 26 MIAX Wheat at $5.83 1/2, down 3 1/4 cents [4]

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 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]

Group 1 - The wheat complex is experiencing gains, with Chicago SRW futures up by 2 cents, KC HRW futures trading 4 to 5.5 cents higher, and MPLS spring wheat showing fractional gains [1] - The USDA Export Sales data indicates all wheat export commitments at 20.108 million metric tons (MMT), representing an 18% increase from the same week last year, which is 82% of the USDA estimate [2] - The European Commission reports 11.18 MMT of wheat exports from July 1 to January 4, showing a decline of 0.17 MMT compared to the same period last year [3] Group 2 - Managed money increased their net short positions in CBT wheat futures and options to 94,626 contracts as of December 30, while in KC wheat, spec funds were net short 18,319 contracts, a reduction of 6,430 contracts from the previous week [2] - Current wheat prices include Mar 26 CBOT Wheat at $5.13 3/4, May 26 CBOT Wheat at $5.24 1/4, Mar 26 KCBT Wheat at $5.26 1/4, and May 26 KCBT Wheat at $5.37 3/4, all showing slight increases [3]

Market Overview - The wheat complex is experiencing gains across most contracts, with Chicago SRW futures up by 4 to 5 cents, KC HRW futures up by 5 to 6 cents, and MPLS spring wheat up by 1 to 2 cents [1] Export Data - Export Inspections data indicates that wheat shipments reached 627,443 MT (23.05 million bushels) for the week ending December 18, marking an increase of 28.2% from the previous week and a 46.79% increase from the same week last year [2] - Mexico was the leading destination for wheat, importing 98,816 MT, followed by Japan (73,777 MT), Thailand (69,201 MT), and China (68,559 MT) [2] - Cumulative marketing year shipments have totaled 14.75 MMT (542.1 million bushels), reflecting a year-over-year increase of 22.89% [2] Sales Data - Export Sales data reported 381,532 MT of wheat sold for the week ending December 4, which was below analysts' expectations of 300,000-600,000 MT but still represented a 31.46% increase compared to the same week last year [3] Speculative Trading - A CFTC update revealed that spec traders in CBT wheat futures and options increased their net short position by 2,228 contracts to a total of 46,069 contracts as of December 19 [4] - In KC wheat, managed money reduced their net short position by 900 contracts, bringing it down to 17,011 contracts [4] Price Movements - Current prices for various wheat contracts include: - Mar 26 CBOT Wheat at $5.14, up 4 1/4 cents - May 26 CBOT Wheat at $5.25 1/4, up 4 3/4 cents - Mar 26 KCBT Wheat at $5.20 3/4, up 5 1/2 cents - May 26 KCBT Wheat at $5.33 1/2, up 5 3/4 cents - Mar 26 MGEX Wheat at $5.79 1/2, up 1 1/2 cents - May 26 MGEX Wheat at $5.90 1/4, up 1 3/4 cents [4]

Market Overview - Wheat markets are experiencing losses, with Chicago SRW futures down 8 to 9 cents, KC HRW futures down 6 to 7 cents, and MPLS spring wheat down 6 to 7 cents [1] - Open interest in wheat futures has increased by 13,890 contracts, indicating new selling interest [1] Export Data - The Export Inspections report indicated that 488,025 MT (17.93 million bushels) of wheat were shipped in the week of December 11, which is 23.2% higher than the previous week and 61.38% larger than the same week last year [2] - The Philippines was the largest buyer, importing 113,367 MT, followed by Mexico with 89,044 MT and South Korea with 66,008 MT [2] - The total wheat shipped for the marketing year is now 14.124 MMT (425.42 million bushels), which is 21.9% above the same period last year [2] Sales and Trading Activity - Export Sales data for the week ending November 20 showed 361,715 MT, marking a 5-week low for bookings and slightly below the same week last year [3] - Commitment of Traders data revealed that speculative funds in CBT wheat futures and options increased their net short position by 5,055 contracts to 53,746 contracts, while in KC wheat, the net short position rose by 2,125 contracts to 22,064 contracts [3] Acreage Estimates - The French farm ministry estimates the 2026 soft wheat acreage at 4.56 million hectares (11.25 million acres), an increase of 0.1 million hectares from last year [4] Price Movements - Recent closing prices for wheat futures include: - Mar 26 CBOT Wheat at $5.20 3/4, down 8 1/2 cents - May 26 CBOT Wheat at $5.29, down 8 1/4 cents - Mar 26 KCBT Wheat at $5.12, down 6 cents - May 26 KCBT Wheat at $5.24 1/4, down 6 1/4 cents - Mar 26 MGEX Wheat at $5.69 3/4, down 7 cents - May 26 MGEX Wheat at $5.78 1/4, down 6 1/4 cents [4]

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]

Group 1 - The wheat complex is experiencing a decline, with soft red wheat futures down 10 to 11 cents, Kansas City HRW futures down 4 to 5 cents, and MPLS spring wheat futures down 2 to 3 cents [1] - The Export Inspections report indicates a total of 854,454 MT of wheat shipped in the week of September 18, which is 12.96% higher than the previous week and 17.92% larger than the same week last year [2] - The Philippines was the largest buyer of wheat, importing 131,998 MT, followed by Mexico with 117,247 MT and Vietnam with 67,340 MT [2] Group 2 - The Commitment of Traders report shows that spec funds in Chicago wheat futures and options reduced their net short position by 6,569 contracts, totaling 85,825 contracts [3] - 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 [3] - Current prices for December 25 CBOT Wheat are at $5.11 1/2, down 11 cents, while March 26 CBOT Wheat is at $5.30 1/4, down 10 1/2 cents [3]

Group 1 - Wheat prices are experiencing a decline across winter wheat contracts, while spring wheat remains higher [1] - The wheat complex saw losses on Friday, with CBT soft red wheat futures down by 1 to 2 cents, and KC HRW futures down by 2 to 3 cents, resulting in a weekly loss of 7.5 cents for December [1] - The US dollar index increased by $0.334 to $97.305, adding pressure to commodity prices [1] Group 2 - The 7-day weather forecast predicts 1-3 inches of rain in the eastern Central Plain, extending to the Appalachian range [2] - The Commitment of Traders report indicated that spec funds reduced their net short position in Chicago wheat futures by 6,569 contracts, totaling 85,825 contracts, and in Kansas City wheat futures by 1,491 contracts, totaling 51,534 contracts as of September 16 [2] Group 3 - The weekly Export Sales report showed accumulated wheat sales at 13.156 million metric tons (MMT), which is 20% larger than last year and a 5-year high for that week, representing 54% of the USDA wheat export projection [3] - Closing prices for various wheat futures on December 25 showed declines, with CBOT Wheat down 1.75 cents to $5.22 1/2 and KCBT Wheat down 2.75 cents to $5.07 1/4 [3]