Commitment of Traders data showed that managed money reduced their net short position in CBT wheat futures and options by 3,455 contracts, bringing it to 22,345 contracts as of Tuesday. In KC wheat futures and options, speculators held a net long position of 9,425 contracts, an increase of 9,425 contracts from the previous week. In MPLS spring wheat, spec funds added 12,027 contracts to the long side, taking the net long position to 15,990 contracts.

USDA Export Sales data showed wheat export commitments at 23.663 MMT, which is 11% higher than last year. This represents 97% of the USDA export projection of 900 million bushels and is slightly behind the average sales pace of 99%. Shipment data is running ahead of schedule at 18.894 MMT, which is 77% of the USDA estimate compared to the average pace of 74%.

South Korean importers purchased a total of 50,000 MT of wheat from the United States in an overnight tender. According to FranceAgriMer, the French wheat crop was rated 84% good to excellent, unchanged from the previous week.