Wheat Bouncing on Monday Morning As Dollar Collapses

Wheat is rallying back on Monday morning to recover some of Friday’s weakness. The US dollar index is down sharply this morning, providing some support. The wheat market posted double digit losses across most contracts in the three exchanges on Friday. Chicago SRW futures closed with contracts down 11 1/4 to 16 1/2 cents on the day. March fell 17 ¼ cents last week. KC HRW contracts closed with 12 ½ to 13 1/2 cent losses on the session. March KC wheat was down 15 ½ cents on the week. MPLS spring wheat futures posted 10 to 11 3/4 cent losses on the day. March fell 17 ½ cents since last Friday.

The weekly Export Sales report was published on Friday morning, with USDA coming in at a MY low of 140,591 MT in 2024/25 wheat sales during the Christmas week of 12/26. That was below estimates of between 200,000 and 500,000 MT. South Korea was the largest buyer of 35,900 MT, as Thailand bought 29,700 MT.

Taiwan is tendering for a total of 114,650 MT of wheat from the US, with the offers due this Thursday.

Mar 25 CBOT Wheat  closed at $5.29 1/4, down 16 1/2 cents, currently up 8 1/2 cents

May 25 CBOT Wheat  closed at $5.41, down 16 1/2 cents, currently up 8 cents

Mar 25 KCBT Wheat  closed at $5.39, down 12 3/4 cents, currently up 6 3/4 cents

May 25 KCBT Wheat  closed at $5.47 1/4, down 13 1/2 cents, currently up 6 3/4 cents

Mar 25 MGEX Wheat  closed at $5.77 3/4, down 11 3/4 cents, currently up 7 1/2 cents

May 25 MGEX Wheat  closed at $5.86 1/2, down 11 1/2 cents, currently up 7 1/2 cents