The wheat complex posted mixed action across the three markets on Friday. Chicago SRW futures were fractionally to 2 ½ cents lower, with December down 4 1/4. March was up 9 ¼ cents this week. KC HRW contracts were up 1 to 1 3/4 cents on the day, with a few back months fractionally lower. March was up 13 cents since last Friday. MPLS spring wheat was steady to 2 ½ cents lower at the close, as Marc was still up 4 ¾ cents on the week.

The weekly Commitment of Traders report from CFTC tallied spec traders adding another 10,268 contracts to their CBT wheat net short at 69,386 contracts by Tuesday 12/3, the largest since August. In KC wheat, they increased their net short by 7,769 contracts to 38,430 contracts. 

Export Sales data released on Thursday tallied the full marketing year to date wheat and product shipments at a 33% increase yr/yr at 10.844 MMT. That is 48% of USDA’s projected total for the MY, lagging the 50% average pace. Total commitments are now 15.698 MMT, which is 20% above a year ago and 70% of the USDA number, slightly behind the 73% average pace.

The French soft wheat crop is listed at 96% planted, up from the 93% in the week prior and 87% from the same week last year. The crop was listed at 86% in good or excellent condition, down 1% from last week but up from the 77% last year.

Argus Media estimates the Ukrainian what crop to see a 1.3 MMT increase in 2025 to 23.7 MMT, with their Russian crop estimate at 81.5 MMT, up 0.2 MMT from the yar prior. Russia is raising their export tariff on wheat starting on 12/11 to $48.57/MT, up 32% from the week prior.

Dec 24 CBOT Wheat  closed at $5.42 1/2, down 4 1/4 cents,

Mar 25 CBOT Wheat  closed at $5.57 1/4, down 1 cent,

Dec 24 KCBT Wheat  closed at $5.37 1/4, up 1 1/4 cents,

Mar 25 KCBT Wheat  closed at $5.53 3/4, up 1 1/4 cents,

Dec 24 MGEX Wheat  closed at $5.68 1/2, unch,

Mar 25 MGEX Wheat  closed at $5.96 1/2, down 2 cents,