The wheat market is rallying back higher at midday following a White House fact sheet release over the weekend. Chicago SRW futures are 25 to 27 cents higher so far on the day. KC HRW futures are 14 to 15 cents in the green at midday. MPLS spring wheat is up 17 to 19 cents on the day.
Export Inspections data showed wheat at 223,972 MT (8.23 mbu) shipped in the week that ended on May 14. That was down 56.23% from last week and a 48.08% drop from the same week last year. The Philippines was the top destination of 65,999 MT, with 65,465MT to Mexico and 34,808 MT to Japan. Marketing year shipments have totaled 23.099 MMT (848.73 mbu), which is up 11.32% yr/yr.
On Sunday, the White House released a fact sheet on the US/China talks from last week, in part stating that “China will purchase at least $17 billion per year of U.S. agricultural products in 2026 (prorated), 2027, and 2028, in addition to the soybean purchase commitments that it made in October 2025.”
Managed money was busy adding back to their net long position in CBT wheat futures and options by 9,120 contracts as of 5/12, mainly via new shorts, taking it to 19,023 contracts. In KC wheat futures and options, spec funds trimmed back just 79 contracts from their net long to 37,790 contracts.
Sep 26 CBOT Wheat is at $6.76 1/4, up 26 1/2 cents,
Dec 26 CBOT Wheat is at $6.94 3/4, up 25 cents,
Sep 26 KCBT Wheat is at $7.11 3/4, up 14 1/4 cents,
Dec 26 KCBT Wheat is at $7.25 3/4, up 14 1/2 cents,
Sep 26 MIAX Wheat is at $7.24, up 18 1/4 cents,
Dec 26 MIAX Wheat is at $7.41 1/2, up 17 cents,
