Wheat Markets Surge Amid Strong Export Demand

Wheat futures across major U.S. exchanges posted notable gains on Monday, reflecting robust export activity and renewed market interest. The strength was broad-based, with gains ranging from single digits to double digits across different wheat classes and contract months.

Export Data Fuels Market Movement

The USDA reported 246,533 metric tons (9.06 million bushels) of wheat shipments for the week ending November 13. While this figure represents a 15.41% decline from the previous week, it still stands 25.06% higher compared to the same period last year, signaling sustained demand despite weekly fluctuations. Japan emerged as the leading buyer with 87,493 MT, followed by Indonesia at 56,620 MT and Mexico at 48,105 MT.

Marketing year export totals for 2025/26 have now accumulated to 12.363 million metric tons (454.26 million bushels) since June 1—marking a significant 19.3% increase versus the prior year’s comparable period. This substantial year-over-year growth underscores steady international demand for U.S. wheat supplies.

Futures Performance Across Exchanges

The Chicago SRW complex led the rally with 17 cents of gains in front-month contracts. KC HRW futures demonstrated solid performance with 13 to 14 cent advances at the close, while MPLS spring wheat futures registered more modest gains, ranging from 5 to 9 cents higher. These across-the-board 25 cents symbol moves highlight consistent buyer interest across different wheat quality grades.

Specific closing prices on Monday showed:

• Dec 25 CBOT Wheat closed at $5.44 1/4, up 17 cents
• Mar 26 CBOT Wheat closed at $5.58 1/2, up 17 cents
• Dec 25 KCBT Wheat closed at $5.28 3/4, up 13 1/2 cents
• Mar 26 KCBT Wheat closed at $5.44 3/4, up 13 3/4 cents
• Dec 25 MGEX Wheat closed at $5.74 3/4, up 9 cents
• Mar 26 MGEX Wheat closed at $5.81 1/4, up 5 cents

Market Outlook

The USDA did not release their weekly Crop Progress report Monday afternoon due to the government shutdown. Traders and analysts should anticipate the next scheduled report release for the following Monday, which will provide updated assessments of crop conditions and supply forecasts that could influence near-term price direction.