Wheat Extending Gains at Midday
Wheat futures continue to rise, with Chicago SRW up 3-5 cents, KC HRW gaining 5-6 cents, and MPLS spring wheat up 6-8 cents. USDA reported weekly export inspections at 249,812 MT, down 56% from last week. Saudi Arabia purchased 920,000 MT, while Japan issued a tender for 96,160 MT. Futures contracts show steady gains.
The wheat complex is continuing to climb higher on Tuesday. Chicago SRW futures are up 3 to 5 cents at midday KC HRW futures are extending the gains with 5 to 6 cent gains on the session. MPLS spring wheat is trading with 6 to 8 cents in the green on the day.
USDA’s weekly Export Inspections report showed a total of just 249,812 MT (9.2 mbu) of shipped in the week of 2/13. That was down 56.2% from last week and 40.56% below the same week last year. Mexico was the largest buyer of 68,986 MT in that week, with 68,699 MT headed to South Korea. Marketing year shipments have totaled 14.849 MMT (545.6 mbu), which is 22.4% above the same week in 2024.
Commitment of Traders data from CFTC showed a total of 7,633 contracts slashed from the spec net short as of Tuesday, to a net short of 82,809 contracts. In KC wheat, they were trimming back that net short by 5,733 contracts to 53,248 contracts
Saudi Arabia purchased 920,000 MT of wheat in their tender on Monday. Japan has issued a tender to buy 96,160 MT of wheat from Australia, Canada, and the US, with 34,890 MT US specific.
Mar 25 CBOT Wheat is at $6.04 1/2, up 4 1/2 cents,
May 25 CBOT Wheat is at $6.17 1/4, up 3 3/4 cents,
Mar 25 KCBT Wheat is at $6.26 1/4, up 5 cents,
May 25 KCBT Wheat is at $6.38 1/4, up 5 1/2 cents,
Mar 25 MGEX Wheat is at $6.41, up 7 1/2 cents,
May 25 MGEX Wheat is at $6.56, up 6 3/4 cents.
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Source : Nasdaq.com
