Wheat is trading with Tuesday AM losses in the winter wheat contracts and gains in the spring wheat. The wheat complex was mixed to mostly lower across most contracts on Monday. Chicago SRW futures were down 1 to 2 cents. Open interest was up 2,131 contracts. KC HRW futures saw Monday losses of 2 to 5 cents. MPLS spring wheat was steady to 2 cents lower.
State Crop Progress report showed Kansas winter wheat ratings up 4% to 70% gd/ex, with the Brugler500 index up 9 points to 375.
USDA tallied wheat export shipments at 393,341 MT (14.45 mbu) during the week ending on December 4. That was 1.95% above the week prior and 58.6% larger than the same week in 2024. Mexico was the top destination of 75,789 MT, with 75,174 MT headed to Indonesia and 68,038 MT to Vietnam. Marketing year exports for 2025/26 are now 13.634 MMT (500.96 mbu) since June 1, which is now 20.91% larger than the same period last year.
Export Sales data for the week of November 6 was released on Monday, with a total of 462,478 MT sold, in the middle of estimates of 250,000 to 600,000 MT. That was a 3-week low, but still 21.69% above the same week last year.
USDA will publish their monthly WASDE report on Tuesday, with analysts surveyed by Bloomberg looking for 894 mbu in wheat ending stocks. That would be a 7 mbu drop from last year if realized.
Argentina’s economy minister announced early this morning that wheat export taxes are to be reduced by 2 points to 7.5%.
Dec 25 CBOT Wheat closed at $5.36, down 1 1/2 cents, currently unch
Mar 26 CBOT Wheat closed at $5.34 3/4, down 1 cent, currently down 2 3/4 cents
Dec 25 KCBT Wheat closed at $5.21, down 2 1/4 cents, currently unch
Mar 26 KCBT Wheat closed at $5.26 1/2, down 4 3/4 cents, currently down 1 1/2 cents
Dec 25 MGEX Wheat closed at $5.82 1/2, unch, currently unch
Mar 26 MGEX Wheat closed at $5.71 1/4, down 1 3/4 cents, currently up 2 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.