Wheat Bulls Pushing Higher on Monday

The wheat market is in rally mode on Monday, joining in on the rest of the grains. Chicago SRW futures are rallying double digits, up 10 to 13 cents at midday. KC HRW is posting 7 to 8 cent higher trade so far on Monday. MPLS spring wheat futures are trading with 5 to 7 cent gains so far on the day.

The next 7-day period is looking drier for much of the Plains HRW regions, with SRW areas seeing light precip potential.

Export Inspections data showed a total of 288,895 MT (10.62 mbu) in the week ending on 1/9. That was down 29.94% from the week prior, but up 19.18% from the same week in 2024. Of that total, 121,333 MT was to Mexico, with 53,938 MT to Japan and 30,524 MT to South Korea. Marketing year exports have totaled 13.01 MMT (478 mbu), an improvement of 24.97% over the same period last year.

The US WASDE balance sheet saw few changes, with imports up 5 mbu, as ending stocks were up by 3 mbu to 798 mbu. World wheat ending stocks were raised by 0.94 MMT to 258.82 MMT. The Winter Wheat Seedings report showed all winter wheat acreage at 34.115 million acres, up 725,000 acres from last year.

Mar 25 CBOT Wheat  is at $5.43 1/4, up 12 1/2 cents,

May 25 CBOT Wheat  is at $5.54 3/4, up 11 1/4 cents,

Mar 25 KCBT Wheat  is at $5.59 1/2, up 7 3/4 cents,

May 25 KCBT Wheat  is at $5.68 3/4, up 8 cents,

Mar 25 MGEX Wheat  is at $5.90 1/2, up 6 1/4 cents,

May 25 MGEX Wheat  is at $5.97 3/4, up 5 1/4 cents,

On the date of publication,

here.
More news from Barchart

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.