Wheat Popping Higher on Tuesday Morning

The wheat complex is starting off Tuesday trade with some strength. The three exchanges were was mostly lower on Monday, with the nearby Dec winter wheats seeing gains. Chicago SRW futures were down fractionally to 2 ½ cents, with Dec up 5 ¼ cents. Preliminary open interest was up 7,451 contracts.  KC HRW contracts closed with fractional losses across most contracts with Dec the lone exception, up 3 cents. Preliminary open interest rose 8,048 contracts. MPLS spring wheat was down 2 ¼ to 4 cents on the session, with Dec down 12 ¼ cents.

The holiday delayed Commitment of Traders report tallied spec traders adding 7,572 contracts to their CBT wheat net short at 59,118 contracts by Tuesday 11/26. In KC wheat, they increased their net short by 1,286 contracts to 30,661 contracts. 

Weekly Export Inspections data showed 296,106 MT (10.88 mbu) of wheat shipped in the week that concluded on 11/28. That was down 18.83% from last week and up 57.25% from a year ago. The Philippines was the top destination of 90,000 MT, with 52,143 MT headed to Mexico. Shipments for the marketing year have totaled 10.987 MMT (403.68 mbu), which is up 31.79% from last year.

Dec 24 CBOT Wheat  closed at $5.37 1/2, up 5 1/4 cents, currently up 2 cents

Mar 25 CBOT Wheat  closed at $5.47 1/4, down 3/4 cent, currently up 6 3/4 cents

Dec 24 KCBT Wheat  closed at $5.23 3/4, up 3 cents, currently unch 

Mar 25 KCBT Wheat  closed at $5.40 1/2, down 1/4 cent, currently up 7 cents

Dec 24 MGEX Wheat  closed at $5.60, down 12 1/2 cents, currently up 7 1/2 cents

Mar 25 MGEX Wheat  closed at $5.87 3/4, down 4 cents, currently up 6 3/4 cents