Wheat trade is mostly 1 to 4 cents lower in the winer wheat contracts on Tuesday morning trade, with spring wheat up 3 to 4 cents. The wheat complex posted losses across all three exchanges on Monday, as USDA data had a bearish spin. Chicago SRW futures were down 6 cents on the session. Open interest was down 1,272 contracts on Monday, mostly in March. KC HRW futures posted losses of 3 to 5 cents into the Monday close. OI slipped 2,278 contracts, with 4,805 out of March. MPLS spring wheat was down 1 to 2 cents across the front months.
Export Inspections data showed wheat shipments at 317,465 MT (11.66 mbu) shipped in the week that ended on January 8. That was an increase of 73.03% from the week prior, and up 2.19% from same week last year. The Philippines was the top destination of 100,459 MT, with 60,419 MT to Mexico and 39,899 MT to Taiwan. Marketing year shipments have totaled 15.581 MMT (572.52 mbu), which is up 19.23% yr/yr.
USDA showed no changes the 2025/26 US wheat output, as feed and residual was trimmed by 20 mbu on the balance sheet to 100 and carryover from 2024/25 was up 4 mbu. That took US wheat ending stocks up 25 mbu to 926 mbu per the WASDE report. World wheat stocks were raised by another 3.38 MMT to 278.25 MMT.
The quarterly Grain Stocks report showed December 1 wheat stocks at 1.675 bbu, above the average guess of 1.636 bbu. That was also 107 mbu above the same period last year.
USDA released their Winter wheat Seedings report on Monday, showed all winter wheat acres at 32.99 million acres. That was down 163,000 acres vs. last year. HRW was seen at 23.5 million acres, with 6.14 million for SRW and 3.36 million acres for white wheat.
Russia’s wheat export projection for 2025/26 is estimated at 46.5 MMT by IKAR, up from their previous estimate of 44.1 MMT.
Mar 26 CBOT Wheat closed at $5.11 1/4, down 6 cents, currently down 1 3/4 cents
May 26 CBOT Wheat closed at $5.22 3/4, down 6 cents, currently down 1 1/2 cents
Mar 26 KCBT Wheat closed at $5.26 3/4, down 3 1/2 cents, currently down 3 1/4 cents
May 26 KCBT Wheat closed at $5.38, down 5 cents, currently down 3 1/4 cents
Mar 26 MIAX Wheat closed at $5.66 3/4, down 1 3/4 cents, currently up 3 1/2 cents
May 26 MIAX Wheat closed at $5.76 1/4, down 1 3/4 cents, currently up 3 3/4 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.
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