Wheat Trading Mixed on Monday

The wheat complex is trading with Monday mixed action. Chicago SRW futures are showing fractional gains on so far on Monday. KC HRW futures are down up to 4 cents in the front months on Monday.  MPLS spring wheat is steady to a penny higher on Monday.

USDA tallied wheat export shipments at 393,341 MT (14.45 mbu) during the week ending on December 4. That was 1.95% above the week prior and 58.6% larger than the same week in 2024. Mexico was the top destination of 75,789 MT, with 75,174 MT headed to Indonesia and 68,038 MT to Vietnam. Marketing year exports for 2025/26 are now 13.634 MMT (500.96 mbu) since June 1, which is now 20.91% larger than the same period last year.

Export Sales data for the week of November 6 was released this morning, with a total of 462,478 MT sold, in the middle of estimates of 250,000 to 600,000 MT. That was a 3-week low, but still 21.69% above the same week last year. 

A delayed CFTC report for the week of October 28 showed specs in Chicago wheat slashing 33,692 contracts from their net short position as to 75,133 contracts. In KC wheat, the trimmed 15,563 contracts from their net short to 51,708 contracts.

USDA will publish their monthly WASDE report on Tuesday, with analysts surveyed by Bloomberg looking for 894 mbu in wheat ending stocks. That would be a 7 mbu drop from last year if realized. 

Argus estimates the 2026/27 Ukraine wheat crop at 23.9 MMT, up 0.9 MMT from the previous crop.

Dec 25 CBOT Wheat  is at $5.38 1/4, up 3/4 cent,

Mar 26 CBOT Wheat  is at $5.36, up 1/4 cent,

Dec 25 KCBT Wheat  is at $5.21 3/4, down 1 1/2 cents,

Mar 26 KCBT Wheat  is at $5.27 1/4, down 4 cents,

Dec 25 MGEX Wheat  is at $5.81 1/2, unch,

Mar 26 MGEX Wheat  is at $5.73 1/4, up 1/4 cent,