Wheat Slipping Lower on Christmas Eve Morning

Wheat is showing slight losses ahead of the holiday on Tuesday morning. The wheat market posted Monday gains to start the holiday week across all three markets. Chicago SRW futures were up 6 to 8 1/4 cents on the session. KC HRW contracts posted gains of 4 ¾ to 6 ½ cents across the board. MPLS spring wheat futures were 4 to 5 ¼ cents higher on the day.

The markets will be closed early on Tuesday in observance of Christmas Eve and all-day Wednesday for Christmas. There will be hard open on Thursday.

Weekly Export Inspections data showed a total of 403,719 MT (14.83 mbu) of wheat shipped in the week that ended on December 19. That was up 34.18% from last week but down 14.65% from the same week last year. The largest destination was the Philippines at 107,103 MT, with 76,255 MT headed to Indonesia and 72,951 MT on its way to Mexico. Full year shipments have totaled 11.943 MMT (344.9 mbu), which is 27.22% above the same week last year. 

Russia’s SovEcon trimmed their 2024/25 export estimate by 0.4 MMT to 43.7 MMT, with their 2025/26 estimate at 36.4 MMT. 

Mar 25 CBOT Wheat  closed at $5.40 1/2, up 7 1/2 cents, currently down 3 cents

May 25 CBOT Wheat  closed at $5.51, up 8 1/4 cents, currently down 2 3/4 cents

Mar 25 KCBT Wheat  closed at $5.51, up 6 1/4 cents, currently down 1 1/2 cents

May 25 KCBT Wheat  closed at $5.59, up 6 1/2 cents, currently down 1 1/2 cents

Mar 25 MGEX Wheat  closed at $5.95 1/2, up 5 1/4 cents, currently up 1/2 cents

May 25 MGEX Wheat  closed at $6.03 1/2, up 5 1/4 cents, currently up 2 1/4 cents