Monday morning’s Export Inspections report showed total wheat shipments of just 183,305 metric tons (6.74 million bushels) for the week ending January 1. This was 42.47% lower than the previous week and 55.57% below the same week last year. The Philippines was the largest destination with 74,996 metric tons, followed by Mexico at 70,722 metric tons and Japan at 33,571 metric tons. Total wheat shipments for the current marketing year now stand at 15.263 million metric tons (560.8 million bushels), which is 19.64% higher than the same period last year.

USDA Export Sales data for the Christmas week showed wheat sales of only 95,385 metric tons, below trade expectations of 100,000 to 500,000 metric tons. This was a marketing year low and 32.15% lower than the same week last year.

The final catch-up CFTC Commitment of Traders report showed that as of December 30, managed money increased its net short position in CBT wheat futures and options to 94,626 contracts. In KC wheat, speculative funds were net short 18,319 contracts last Tuesday, reflecting a weekly reduction of 6,430 contracts.