After the long weekend, all of the wheat markets closed lower with Chicago seeing the biggest losses on Tuesday. Pressure came from forecasts for rain and snow for the US Southern Plains. In world export news, a couple of big sales were reported with Saudi Arabia buying 907,000 MT of Black Sea wheat and Algeria buying 600,000 MT of wheat sourced mainly from Argentina. China imported 4.0 MMT of wheat in 2025 vs. 11.2 MMT in 2024 due to increased domestic production. Last week’s export shipments were the highest in 4 weeks, and marketing year-to-day shipments are running 20% ahead of last year’s pace.
Wheat ended the Wednesday’s mixed with small gains in Mpls and small losses in the winter wheat markets. Rains in the forecast for the US Southern Plains pulled Chi and KS lower. Cold temps are also in the forecast, but it probably won’t be cold long enough to damage the winter wheat crop. Ukraine reported recent ice storms and cold temps could damage the wheat crop in the southern and eastern growing areas while Russia’s crop had enough snow cover to avoid damage. In export news, Jordan is tendering for 120,000 MT of milling wheat.
In Thursday’s session wheat opened steady to higher and held onto gains throughout the night and even extended session gains once the day session started. Early support came from weather forecasts calling for adverse winter conditions for much of the Southern Plains. Light support came from the news that the administration has backed away from imposing tariffs on the countries that were opposed to the acquiring of Greenland. Technical buying was also noted as wheat bounces off the low end of its recent trading range.
March MIAX MW support is $5.65, March Chicago wheat support is $5.08, March KC support is $4.99.
For the week, March Mpls MIAX was at $5.75 up 10.0 cents, March Chicago was at $5.295 up 11.5 cents, March KC was at $5.425 up 13.5 cents.
Wheat Weekly Comments January 23
Wheat Weekly Comments January 23
After the long weekend, all of the wheat markets closed lower with Chicago seeing the biggest losses on Tuesday. Pressure came from forecasts for rain and snow for the US Southern Plains. In world export news, a couple of big sales were reported with Saudi Arabia buying 907,000 MT of Black Sea wheat and Algeria buying 600,000 MT of wheat sourced mainly from Argentina. China imported 4.0 MMT of wheat in 2025 vs. 11.2 MMT in 2024 due to increased domestic production. Last week’s export shipments were the highest in 4 weeks, and marketing year-to-day shipments are running 20% ahead of last year’s pace.
Wheat ended the Wednesday’s mixed with small gains in Mpls and small losses in the winter wheat markets. Rains in the forecast for the US Southern Plains pulled Chi and KS lower. Cold temps are also in the forecast, but it probably won’t be cold long enough to damage the winter wheat crop. Ukraine reported recent ice storms and cold temps could damage the wheat crop in the southern and eastern growing areas while Russia’s crop had enough snow cover to avoid damage. In export news, Jordan is tendering for 120,000 MT of milling wheat.
In Thursday’s session wheat opened steady to higher and held onto gains throughout the night and even extended session gains once the day session started. Early support came from weather forecasts calling for adverse winter conditions for much of the Southern Plains. Light support came from the news that the administration has backed away from imposing tariffs on the countries that were opposed to the acquiring of Greenland. Technical buying was also noted as wheat bounces off the low end of its recent trading range.
March MIAX MW support is $5.65, March Chicago wheat support is $5.08, March KC support is $4.99.
For the week, March Mpls MIAX was at $5.75 up 10.0 cents, March Chicago was at $5.295 up 11.5 cents, March KC was at $5.425 up 13.5 cents.