International Wheat Market

07-Jan-2025 08:39 AM

International Wheat Market
State-wise Crop Progress reports showed that Kansas (KS) winter wheat was rated 47% good/excellent (gd/ex), with the Brugler500 Index at 333. This is down from 56% (351) in mid-December but higher than last year’s 43% (318) during the same period. In Oklahoma (OK), the rating dropped 3% from late November to 45%, with the Brugler500 Index at 327.
CFTC data revealed that as of December 31, speculators reduced their net short positions in CBT wheat by 8,247 contracts, bringing it to 86,762 contracts. In KC wheat, net shorts decreased by 1,075 contracts to 33,861 contracts.
According to USDA Export Inspections data, 412,342 MT (15.15 mbu) of wheat was shipped during the week ending January 2, 21.6% more than the previous week but 17.85% less than the same week last year. Of this, 147,060 MT was shipped to Mexico.
Total shipments for the marketing year reached 12.718 MMT (467.29 mbu), still 25.1% lower than the same time last year.