This morning’s Export Inspections report showed total wheat shipments of 488,025 metric tons (17.93 million bushels) in the week ending December 11. This was 23.2% higher than the prior week and 61.38% larger than the same week last year. The Philippines was the largest buyer at 113,367 tons, with 89,044 tons shipped to Mexico and 66,008 tons to South Korea. Total wheat shipments for the current marketing year have now reached 14.124 million tons (425.42 million bushels), which is 21.9% above the same period last year.

Export Sales data for the week ending November 20 was released this morning, with USDA reporting wheat sales of 361,715 tons. This was near the lower end of estimates ranging from 300,000 to 750,000 tons. It marked a five-week low for bookings and was slightly below the same week last year.

Commitment of Traders data showed that as of November 25, speculative funds added 5,055 contracts to their net short position in CBT wheat futures and options, taking the total net short to 53,746 contracts. In KC wheat, they increased their net short position by 2,125 contracts to 22,064 contracts.