Wheat is trading with some Turnaround trade on Tuesday morning, with winter wheat trading higher and spring wheat trading lower, The wheat complex closed Monday with weakness across most contracts, as spring wheat tried to hold up. Chicago SRW futures were fractionally to a penny lower on the day. Open interest was down 5,866 contracts on Monday. KC HRW futures were down 1 to 3 cents in most contracts. OI dropped 4,119 contracts on Monday. MPLS spring wheat was fractionally higher to 2 cents lower at the close.
USDA’s FGIS tallied wheat export shipments at 580,130 MT (21.32 mbu) during the week ending on February 5. That was 75.52% above the week prior and 1.72% larger than the same week last year. The Philippines was the top destination of 179,957 MT, with 119,479 MT headed to Bangladesh and 103,146 MT to Mexico. Marketing year exports for 2025/26 are 17.327 MMT (636.6 mbu) since June 1, which is now 18.36% above the same period last year.
USDA will release updated WASDE data on Tuesday, with a Bloomberg survey showing analysts at an average of 918 mbu for US wheat stocks, down 8 mbu from January if realized. World wheat stocks are estimated to total 278.6 MMT, which would be 0.3 MMT higher than in January.
Mar 26 CBOT Wheat closed at $5.28 3/4, down 1 cent, currently up 1/4 cent
May 26 CBOT Wheat closed at $5.38 3/4, down 1/4 cent, currently up 1/2 cent
Mar 26 KCBT Wheat closed at $5.28 3/4, down 2 1/2 cents, currently up 2 1/4 cents
May 26 KCBT Wheat closed at $5.41 3/4, down 1 3/4 cents, currently up 2 1/2 cents
Mar 26 MIAX Wheat closed at $5.71 1/2, up 1/2 cent, currently down 3/4 cent
May 26 MIAX Wheat closed at $5.81 1/4, down 1 1/4 cents, down 1 3/4 cent
