Wheat is showing mixed action, with contracts mostly weaker in the hard red contracts. The wheat market closed with strength on Monday, with all three markets closing higher. CBT soft red wheat futures were up another 9 to 10 cents. Preliminary open interest was down 1,142 contracts on Monday. KC HRW futures were 7 to 10 cents in the green at the close. OI showed some short covering, down 9,386 contracts. MPLS spring wheat futures saw 4 to 6 cent gains at the close.
Monday morning’s Export Inspections report showed a total of 350,293 MT (12.87 mbu) of wheat shipped in the week of 10/30. That was 30.02% above the week prior and 60.96% above the same week last year. Mexico was the largest buyer of 61,922 MT, with 57,564 MT shipped to the Philippines and 54,999 MT to South Korea. The marketing year total is now 11.825 MMT (434.4 mbu) of wheat shipped, which is now 20.51% above the same period last year.
A report from Bloomberg shows that China is looking to buy wheat from the US.
SovEcon estimates the Russian wheat crop at 87.8 MMT for 2025/26.
Dec 25 CBOT Wheat closed at $5.43 1/2, up 9 1/2 cents, currently up 2 1/4 cents
Mar 26 CBOT Wheat closed at $5.57 1/2, up 9 cents, currently up 1 cent
Dec 25 KCBT Wheat closed at $5.31 3/4, up 7 1/4 cents, currently down 1/2 cent
Mar 26 KCBT Wheat closed at $5.46 1/2, up 9 3/4 cents, currently down 1 1/2 cents
Dec 25 MGEX Wheat closed at $5.59 1/2, up 5 1/2 cents, currently down 1 1/4 cents
Mar 26 MGEX Wheat closed at $5.78 1/2, up 4 1/2 cents, currently down 1 cents
