Wheat is up 5 to 7 cents across the three markets on Tuesday. The wheat complex posted early week strength on Monday. CBT soft red wheat saw trade close 13 to 14 cents in the green on Monday. Short covering was noted, with open interest down 6,206 contracts. KC HRW futures posted gains of 12 to 14 cents to close out Monday. Preliminary OI suggested short covering, down 6,837 contracts. MPLS spring wheat futures were up 3 to 5 cents across most contracts on Monday, backing off the overnight strength.
USDA tallied wheat export shipments at 258,543 MT (9.5 mbu) during the week ending on October 23. That was 47.61% below the week prior and 12.26% shy of the same week last year. South Korea was the top destination of 109,639 MT, with 46,079 MT headed to Vietnam and 33,899 MT to Japan. Marketing year exports for 2025/26 are now 11.463 MMT (421.2 mbu) since June 1, which is now 19.4% above the same period last year.
The weekly Crop Progress report was not reported this week du to the continued government shutdown, with the trade looking for 84% of the winter wheat crop planted as of 10/26.
Dec 25 CBOT Wheat closed at $5.26, up 13 1/2 cents, currently up 6 1/2 cents
Mar 26 CBOT Wheat closed at $5.42, up 14 cents, currently up 6 3/4 cents
Dec 25 KCBT Wheat closed at $5.14 1/4, up 12 3/4 cents, currently up 6 cents
Mar 26 KCBT Wheat closed at $5.32, up 13 3/4 cents, currently up 5 1/2 cents
Dec 25 MGEX Wheat closed at $5.60 1/4, up 3 1/4 cents, currently up 5 1/4 cents
Mar 26 MGEX Wheat closed at $5.79 1/4, up 4 1/2 cents, currently up 5 3/4 cents
