International Wheat Market

31-May-2025 08:24 AM

International Wheat Market
Export sales data released this morning reported a net reduction of 128,797 metric tons for 2024/25 wheat sales, which fell within analyst expectations ranging from a 200,000 metric ton reduction to 100,000 metric tons in sales. New crop sales totaled 711,368 metric tons, at the higher end of the forecast range of 300,000 to 800,000 metric tons. This was also the lowest level in three weeks. Unknown destinations were the top buyers with 213,000 metric tons, followed by Mexico with 140,000 metric tons and South Korea with 115,000 metric tons.
According to the CFTC data released Friday afternoon, managed money net short positions in Chicago wheat futures and options decreased by 7,667 contracts to 101,226 contracts as of May 27. In Kansas City wheat, their large net short positions dropped by 801 contracts to 79,361 contracts.
FranceAgriMer reported that 70% of France’s soft wheat crop is rated good to excellent, a slight decrease from 71% the previous week.