Wheat futures posted early week losses on Monday, with all three exchanges heading lower. Chicago SRW futures were down 3 to 4 cents in the nearbys on the day. KC HRW futures were 6 to 8 cents lower in the front months. MPLS spring wheat was 1 to 3 cents in the red on the session. The next week is looking for lighter precip totals in the Plains, with heavier totals in the eastern half of the country.

This morning’s Export Inspections report from FGIS showed a total of 536,217 MT (19.7 mbu) of wheat shipped in the week that ended on February 6. That was more than double the previous week and 31.58% above the same week last year. Of that total, 186,641 MT was headed to the Philippines, with 67,329 MT destined for the Dominican Republic and 64,668 MT on its was to Mexico. Marketing year shipments have totaled 14.566 MMT (533.2 mbu) since June 1, which is 24.37% above the same period last year. 

Texas released their individual state Crop Progress report on Monday, showing 36% of the crop in gd/ex conditions, down from 37% last week. The Brugler500 index rating was down 2 to 309. 

USDA’s WASDE data will be updated on Tuesday, with analysts looking for a slight increase to US carryout, up 1 to 799 mbu on average. Traders are also looking for world stocks to be down 0.22 MMT to 258.60 MMT.

Russia’s IKAR estimates the country's wheat export total for 2024/25 at 43 MMT, down 0.5 MMT from their previous number. Their production estimate for 2025 was down 2 MMT to 82 MMT. 

Mar 25 CBOT Wheat  closed at $5.79 1/2, down 3 1/4 cents,

May 25 CBOT Wheat  closed at $5.92 1/2, down 3 cents,

Mar 25 KCBT Wheat  closed at $5.96 3/4, down 7 1/2 cents,

May 25 KCBT Wheat  closed at $6.07, down 6 3/4 cents,

Mar 25 MGEX Wheat  closed at $6.25 1/4, down 2 1/2 cents,

May 25 MGEX Wheat  closed at $6.36 1/4, down 1 1/2 cents,