International Wheat Market

31-Dec-2024 08:59 AM

International Wheat Market
According to the Export Inspection Report, U.S. wheat exports totaled 337,685 metric tons (12.4 million bushels) during the week ending December 26. This was 16.21% lower than the previous week and 22.16% lower compared to the same week last year. Mexico was the largest destination, receiving 68,203 metric tons, followed by Thailand with 66,149 metric tons. Total shipments for the marketing year have reached 12.283 million metric tons (451.33 million bushels), 27.1% higher than the same period last year.
Weather forecasts for the Southern Plains indicate limited rainfall next week, while the eastern regions and SRW (Soft Red Winter) areas could see 1 to 2 inches of rain.
Commitment of Traders data revealed that in CBT wheat futures and options, 7,608 contracts were added to the net short position, increasing it to 95,009 contracts. In KC wheat, speculators added 1,869 contracts, bringing the net short position to 34,936 contracts.