Wheat Trading Lower on Tuesday Morning

Wheat is showing losses across the three markets early on Tuesday. The wheat complex was under pressure on Monday. Chicago SRW futures were 8 to 9 cents lower across most contracts to start the week. New selling interest was picked up, with open interest rising 13,890 contracts. KC HRW futures were 6 to 7 cents in the red at the close. MPLS spring wheat was down 6 to 7 cents across the front months on Monday.

Monday morning’s Export Inspections report showed a total of 488,025 MT (17.93 mbu) of wheat shipped in the week of 12/11. That was 23.2% above the week prior and 61.38% larger than the same week last year. the Philippines was as the largest buyer of 113,367 MT, with 89,044 MT shipped to Mexico and 66,008 MT to South Korea. The marketing year total is now 14.124 MMT (425.42 mbu) of wheat shipped, which is now 21.9% above the same period last year.

Export Sales data for the week ending on November 20 was out on Monday, with USDA showing 361,715 MT in that week. That was a 5-week low for bookings and slightly below the same week last year.

Commitment of Traders data showed spec funds in CBT wheat futures and options adding back 5,055 contracts to their net short as of 11/25, taking it to 53,746 contracts. In KC wheat, they increased their net short by 2,125 contracts to 22,064 contracts.

The French farm ministry estimates the country 2026 soft wheat acreage at 4.56 million hectares (11.25 million acres), up 0.1 million ha from last year (0.24 million acres). 

Mar 26 CBOT Wheat  closed at $5.20 3/4, down 8 1/2 cents, currently down 5 1/4 cents

May 26 CBOT Wheat  closed at $5.29, down 8 1/4 cents, currently down 5 cents

Mar 26 KCBT Wheat  closed at $5.12, down 6 cents, currently down 3 1/4 cents

May 26 KCBT Wheat  closed at $5.24 1/4, down 6 1/4 cents, currently down 3 cents

Mar 26 MGEX Wheat  closed at $5.69 3/4, down 7 cents, currently down 3/4 cent

May 26 MGEX Wheat  closed at $5.78 1/4, down 6 1/4 cents, currently down 1/2 cent