Wheat Heads into the Weekend Mixed

Wheat futures were mixed across the three exchanges on Friday as USDA reports were less friendly for the small grain. Chicago SRW futures were down ½ to 3 ¼ cents in the nearby contracts, with deferreds up ¼ to 5 cents. KC HRW posted Friday gains of 1 ½ to 5 cents at the close, with March up 12 ¾ cents since last Friday. MPLS spring wheat futures were steady to 2 cents in the green on the session, with March up 6 ½ cents this week.

The weekly Export Sales tallied another MY low in sales at just 111,309 MT, below the 150,000 to 500,000 MT range of estimates for the week ending on January 2. South Korea was the buyer of 68,100 MT, with 35,300 MT sold to the Philippines. Net reductions of 89,000 MT were reported to unknown, with most being switched to a destination. 

December 1 Grain Stocks data came in pretty close to the trade estimates, with 1.569 bbu in wheat stocks. That was up 148 mbu from last year and 4 mbu larger than the average trade guess. 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. HRW was tallied at 24 million, up 213,000 acres from 2024, with SRW at 6.44 million acres (+378,000 acres) and white at 3.64 million acres (+99,000 acres). 

Mar 25 CBOT Wheat  closed at $5.30 3/4, down 3 1/4 cents,

May 25 CBOT Wheat  closed at $5.43 1/2, down 2 1/2 cents,

Mar 25 KCBT Wheat  closed at $5.51 3/4, up 1 1/2 cents,

May 25 KCBT Wheat  closed at $5.60 3/4, up 2 1/4 cents,

Mar 25 MGEX Wheat  closed at $5.84 1/4, up 3/4 cent,

May 25 MGEX Wheat  closed at $5.92 1/2, up 3/4 cent,

On the date of publication,

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