Wheat Bulls Giving Back Some Friday Gains on Monday

The wheat complex is giving back some of the trade from Friday so far on Monday. Chicago SRW futures are down 15 to 16 cents across most contracts. KC HRW futures are down 8 to 9 cents so far at midday. MPLS spring wheat is down 4 to 6 cents on Monday.

The 7-day forecast is calling for less than ½ inch of precip in western potions of KS, and the OK/TX panhandles. Eastern portions of the Plains are seen with heavier precip totals.

USDA’s FGIS tallied wheat export shipments at 344,272 MT (12.65 mbu) during the week ending on February 26. That was 38.9% below the week prior and 11.98% shy of than the same week last year. The Philippines was the top destination of 88,227 MT, with 47,000 MT headed to Tanzania and 39,587 MT to Mexico. Marketing year exports for 2025/26 are 18.62 MMT (684 mbu) since June 1, which is now 18.82% above the same period last year.

Commitments of Traders data from Friday indicated managed money slashing 50,740 contracts from their net short position in CBT wheat as of Tuesday, taking it to 17,297 contracts. That is the smallest that position has been since October 2022. Spec funds in KC wheat held their first net long position since August 2023, flipping it by 14,813 contracts to a net long of 4,204 contracts.

Saidi Arabia purchased a total of 794,000 MT of wheat in their tender over the weekend.

Mar 26 CBOT Wheat  is at $5.75 3/4, down 15 1/2 cents,

May 26 CBOT Wheat  is at $5.76, down 15 1/2 cents,

Mar 26 KCBT Wheat  is at $5.71 3/4, down 1 cent,

May 26 KCBT Wheat  is at $5.71 1/2, down 9 cents,

Mar 26 MIAX Wheat  is at $5.98 3/4, down 1/2 cent,

May 26 MIAX Wheat  is at $6.07 1/4, down 5 1/2 cents,