Wheat is rallying across the three markets at Tuesday’s midday. The Chicago SRW market is 18 to 20 cents higher so far on the day. KC HRW contracts are up 20 to 21 cents in the nearbys on Tuesday. MPLS spring wheat futures are up 15 to 16 cents.

Weekly Export Inspections data showed a total of 261,786 MT (9.62 mbu) of wheat shipped in the week of 1/16. That was a drop of 12.5% from the week prior and 16.94% below the same week in 2024. Mexico was the top destination of 48,992 MT, with 45,071 MT to South Korea. Marketing year shipments are now 13.279 MMT (487.9 mbu), which is an increase of 23.83% from last year. 

Commitment of Traders data indicated spec funds adding 5,756 contracts to their nets short position in Chicago wheat futures and options as of Tuesday to 94,393 contracts. In KC wheat, they were at a net short of 37,606 contracts, an increase of 5,748 contracts as of January 14.

Japan has issued a tender for 126,893 MT of wheat from the US, Canada, and Australian, with 30,793 MT US specific. The European Commission pegged 11.74 MMT of wheat exports during the period running July 1 to January 19, down 6.75 MMT from last year. 

Mar 25 CBOT Wheat  is at $5.58, up 19 1/4 cents,

May 25 CBOT Wheat  is at $5.69, up 18 1/4 cents,

Mar 25 KCBT Wheat  is at $5.69 1/4, up 20 3/4 cents,

May 25 KCBT Wheat  is at $5.78 3/4, up 20 1/4 cents,

Mar 25 MGEX Wheat  is at $5.98 3/4, up 15 1/4 cents,

May 25 MGEX Wheat  is at $6.09, up 15 3/4 cents,