International Wheat Market

22-Feb-2025 08:08 AM

International Wheat Market
CFTC data indicated that managed money reduced its short position in Chicago wheat by 21,232 contracts during the week ending on 2/18, bringing the net short to 61,577 contracts. In Kansas City wheat, they reduced their net short position by 8,158 contracts, bringing it to 22,090 contracts.
The Friday morning Export Sales report showed total wheat bookings at 532,674 metric tons for the week ending on 2/13. This was down 6.48% from the previous week but 128.11% higher than the same week in 2024. Mexico purchased 147,300 metric tons, while Japan bought 69,900 metric tons. Export commitments have reached 86% of USDA’s projected 19.874 million metric tons, compared to an average sale pace of 94%. New crop sales exceeded expectations of 0-50,000 metric tons, totaling 98,500 metric tons, a marketing-year high.
US wheat planted acreage is estimated at 46.7 million acres in next week’s USDA Outlook Forum, according to a Bloomberg survey of analysts, with a range between 45.5 and 47.9 million acres.