Wheat Market Closes Mixed Amid Export Sales Decline

The wheat market closed out the week on a mixed note, with some contracts experiencing losses and others remaining steady. The Chicago SRW futures market saw contracts settle between steady to as much as 3 cents higher, with deferreds leading the way.

In contrast, Kansas City HRW futures were steady to 3 ¼ cents lower on Friday's session, as December fell 26 ¾ cents on the week. Minneapolis spring wheat was also mixed, with contracts trading between 2 ¾ cents lower and 1 ¼ cents higher.

The Commitment of Traders data from the CFTC revealed that managed money added 8,526 contracts to their net short position in Chicago wheat futures and options, taking it to 21,670 contracts as of Tuesday. In Kansas City wheat futures and options, they cut back 11,033 contracts from their net long position to just 30,710 contracts.

The USDA's Export Sales report showed total wheat export sales at 9.737 MMT, which is 31% below the same time last year. This represents 46% of the USDA-projected export total and lags behind the average pace of 56%. Ukrainian wheat areas could drop by as much as 17% for 2027 due to a backlog in supplies, according to the country's ag minister.