International Wheat Market

17-May-2025 08:08 AM

International Wheat Market
This week’s Commitment of Traders report shows that money managers in Chicago wheat futures and options increased their net short position by 13,161 contracts as of May 13. Their total net short position reached 126,895 contracts, the largest in nearly two years. In Kansas City wheat, they extended their record net short position by 8,559 contracts to 80,799 contracts.
The weekly Export Sales report places old crop wheat commitments at 21.689 MMT, which is 97% of the USDA export forecast with just over three reporting weeks remaining in the marketing year. Typically, this figure would be 104% at this point. Actual exports per FAS data are now at 19.637 MMT, which is 87% of the projection compared to a 93% average pace.
According to FranceAgriMer, 73% of France’s soft wheat crop is rated good/excellent, down 1 percentage point from the previous week. South Korean mills have issued a tender to purchase 50,000 metric tons of U.S. wheat.