Wheat is slightly higher in the winter wheat front months on Tuesday, with spring wheat weaker. The wheat complex extended weaker trade into the Monday session, as a stronger US dollar index, up $0.581, added some pressure. Chicago SRW futures were down 9 to 11 ¼ cents at the close. Open interest suggested new selling, up 5,993 contracts on Monday. KC HRW futures posted 8 to 9 ½ cent losses on Monday. OI was up 1,821 contracts. MPLS spring wheat was 6 to 7 cents lower.
The NASS Flour Milling report from Monday afternoon showed 227.58 million bushels of wheat ground for flour in from October-December. That was down 3.2 million bushels from the same period in 2024.
Export Inspections data showed wheat shipments at 326,828 MT (12 mbu) shipped in the week that ended on January 29. That was down 13.76% from the week prior, but 29.11% above the same week last year. Mexico was the top destination of 60,886 MT, with 55,702 MT to Taiwan and 55,630 MT to Malaysia. Marketing year shipments have totaled 16.69 MMT (613.1 mbu), which is up 18.61% yr/yr.
Commitment of Traders data from Friday indicated managed money covering some shorts in Chicago wheat futures and options as of 1/27, cutting 15,957 contracts from their net short to 94,743 contracts. In KC wheat, spec traders trimmed 2,689 contracts from their net short position to 10,329 contracts.
Taiwan purchased a total of 106,350 MT of wheat in a tender from the US late last week.
Mar 26 CBOT Wheat closed at $5.27 3/4, down 10 1/4 cents, currently up 2 1/4 cents
May 26 CBOT Wheat closed at $5.36 1/2, down 9 1/2 cents, currently up 2 1/2 cents
Mar 26 KCBT Wheat closed at $5.35 1/4, down 9 1/2 cents, currently up 1 cent
May 26 KCBT Wheat closed at $5.46 1/4, down 8 3/4 cents, currently up 1 1/4 cents
Mar 26 MIAX Wheat closed at $5.72 1/2, down 6 3/4 cents, currently up 1 1/4 cents
May 26 MIAX Wheat closed at $5.85, down 6 1/2 cents, currently down 1 1/4 cents
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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