Wheat Market News: Sharp Selloffs Drive Trading Lower Across Key Contracts

The wheat market is facing broad-based selling pressure at the start of the week, with price weakness evident across all major trading hubs. This pullback in wheat market activity reflects a complex mix of export dynamics and shifting trader sentiment. Chicago soft red winter (SRW) futures are nursing losses of 5 to 7 cents, while Kansas City hard red winter (HRW) wheat is down 7 to 9 cents in the near-term contracts as of midday. Minneapolis spring wheat has fared relatively better, declining 3 to 4 cents so far.

Export Inspections Reveal Softening Weekly Demand

The Monday export inspections report shows 351,001 metric tons (12.9 million bushels) of wheat shipped during the week ended January 22. This represents a significant slowdown compared to recent activity—down 11.76% from the previous week and notably 27.56% below the comparable week last year. Despite this weekly dip, the cumulative picture tells a different story. South Korea emerged as the largest single destination with 119,036 MT, followed by Japan at 73,230 MT and Mexico at 63,773 MT. On a year-to-date basis, the wheat market has shipped 16.33 million metric tons (600.05 million bushels), which is 18.21% ahead of the same marketing year period a year ago.

Sales Commitments Reflect Steady Demand Through Mid-January

USDA export sales data released Friday indicated wheat commitments totaling 21.03 million metric tons by January 15. This level sits 18% above the prior year’s pace at the same juncture, representing solid underlying demand in the wheat market despite near-term price weakness. The sales commitment equates to 86% of the USDA’s annual export projection, tracking close to the historical 87% average pace. These numbers suggest that, while weekly shipments may fluctuate, the overall wheat market maintains relatively healthy export fundamentals heading into late winter.

Managed Money Adds to Bearish Positioning

The Commitment of Traders data from Friday afternoon reveals that managed money increased its net short position by an additional 4,471 contracts as of January 20. For Chicago Board of Trade (CBOT) wheat, this resulted in a net short standing of 110,700 contracts by the following Tuesday. In Kansas City wheat, speculative traders held a net short position of just 13,018 contracts by Tuesday, representing a modest weekly addition of 237 contracts. This building short positioning in the wheat market is consistent with the technical weakness evident in price action and may suggest that traders are positioning for additional downside risk.

Current Price Levels Across the Wheat Market

March 2026 CBOT wheat is trading at $5.22½, down 7 cents, with May 2026 CBOT futures at $5.33¼, lower by 5¾ cents. March Kansas City wheat is at $5.32, down 8¾ cents, while May Kansas City wheat stands at $5.42¾, off 7¾ cents. Minneapolis March wheat is at $5.71¾, declining 3¼ cents, and May Minneapolis wheat trades at $5.83½, also down 3¼ cents. The breadth of declines across the wheat market complex reinforces the underlying weakness in sentiment.

Market Takeaway

The wheat market is digesting mixed signals with weekly export shipments slowing while year-to-date commitments remain well above prior-year levels. The broad selloff across all wheat market contracts suggests that technical factors and positioning shifts may be overriding the supportive elements from solid export demand fundamentals.