Wheat Rallying to Kick off the Short Christmas Week
Wheat futures are up to start the holiday week, with Chicago SRW gaining 9-10 cents, KC HRW increasing by 7-8 cents, and MPLS spring wheat rising by 4-6 cents. Weekly Export Inspections data showed 403,719 MT of wheat shipped, a 34.18% increase from the previous week. Russia’s SovEcon lowered their export estimate for 2024/25 to 43.7 MMT.
The wheat market is trading with Monday gains to start the holiday week. Chicago SRW futures are up 9 to 10 cents so far on Monday. KC HRW contracts are trading with gains of 7 to 8 cents at midday. MPLS spring wheat futures are trading 4 to 6 cents higher so far on the session.
Weekly Export Inspections data showed a total of 403,719 MT (14.83 mbu) of wheat shipped in the week that ended on December 19. That was up 34.18% from last week but down 14.65% from the same week last year. The largest destination was the Philippines at 107,103 MT, with 76,255 MT headed to Indonesia and 72,951 MT on its way to Mexico. Full year shipments have totaled 11.943 MMT (344.9 mbu), which is 27.22% above the same week last year.
Commitment of Traders data showed spec funds in Chicago wheat adding onto their bearish position as of 12/17, by 20,622 contracts to a net short of 87,401 contracts. In KC wheat, they trimmed 3,369 contracts from their net short to 33,067 contracts by Tuesday.
Russia’s SovEcon trimmed their 2024/25 export estimate by 0.4 MMT to 43.7 MMT, with their 2025/26 estimate at 36.4 MMT.
Mar 25 CBOT Wheat is at $5.42 1/4, up 9 1/4 cents,
May 25 CBOT Wheat is at $5.52 3/4, up 10 cents,
Mar 25 KCBT Wheat is at $5.52 3/4, up 8 cents,
May 25 KCBT Wheat is at $5.60 1/4, up 7 3/4 cents,
Mar 25 MGEX Wheat is at $5.95 3/4, up 5 1/2 cents,
May 25 MGEX Wheat is at $6.03, up 4 3/4 cents.
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Source : Nasdaq.com
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