Wheat Bulls Pushing Higher on Monday
Wheat futures rallied on Monday, with Chicago SRW up 12-14 ¼ cents, KC HRW gaining 9-11 cents, and MPLS spring wheat rising 7-9 ¼ cents. Export inspections for the week ending January 9 totaled 288,895 MT, up 19.18% from 2024. Managed money increased Chicago wheat’s net short by 1,875 contracts and reduced KC wheat’s short by 2,003 contracts.
The wheat market was in rally mode on Monday, joining in on the rest of the grains. Chicago SRW futures were up double digits, with gains of 12 to 14 ¼ cents at midday. KC HRW posted 9 to 11 gains on Monday. MPLS spring wheat futures closed with gains of 7 to 9 ¼ cents on the day.
The next 7-day period is looking drier for much of the Plains HRW regions, with SRW areas seeing light precip potential.
Export Inspections data showed a total of 288,895 MT (10.62 mbu) in the week ending on 1/9. That was down 29.94% from the week prior, but up 19.18% from the same week in 2024. Of that total, 121,333 MT was to Mexico, with 53,938 MT to Japan and 30,524 MT to South Korea. Marketing year exports have totaled 13.01 MMT (478 mbu), an improvement of 24.97% over the same period last year.
Managed money spec funds were tallied as adding 1,875 contracts to their net short position in Chicago wheat as of January 7 to a net short of 88,637 contracts. In KC wheat they cut back 2,003 contracts from their net short at 31,858 contracts.
Mar 25 CBOT Wheat closed at $5.45, up 14 1/4 cents,
May 25 CBOT Wheat closed at $5.56 3/4, up 13 1/4 cents,
Mar 25 KCBT Wheat closed at $5.61, up 9 1/4 cents,
May 25 KCBT Wheat closed at $5.70 1/2, up 9 3/4 cents,
Mar 25 MGEX Wheat closed at $5.93 1/2, up 9 1/4 cents,
May 25 MGEX Wheat closed at $6.01 1/4, up 8 3/4 cents.
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Source : BarChart
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