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]