The wheat market saw higher prices at midday on May 19, with futures for Chicago SRW, KC HRW, and MPLS spring wheat all posting gains after the White House released a fact sheet regarding recent US-China trade talks over the weekend.
This development is significant for producers and traders as it follows an official statement that “China will purchase at least $17 billion per year of U.S. agricultural products in 2026 (prorated), 2027, and 2028, in addition to the soybean purchase commitments that it made in October 2025.” The commitment could impact future export volumes and pricing trends for U.S. agriculture.
Export Inspections data showed that wheat shipments totaled 223,972 metric tons during the week ending May 14. This figure represents a decrease of more than half from both last week and from the same period last year. The Philippines was identified as the top destination with nearly 66,000 metric tons shipped there. Other major destinations included Mexico and Japan. For the marketing year so far, total shipments have reached just over 23 million metric tons—an increase of more than eleven percent compared to last year.
Speculative activity also increased as managed money added back to their net long position in CBT wheat futures and options by over nine thousand contracts as of May 12. In contrast, speculators trimmed back their positions slightly in KC wheat futures and options.
Prices at midday reflected these trends: September CBOT Wheat was up by more than twenty-six cents; December CBOT Wheat rose twenty-five cents; September KCBT Wheat increased by fourteen cents; December KCBT Wheat was up nearly fifteen cents; while MIAX Wheat contracts also saw similar gains across September and December expiries.
The article’s author clarified that he did not hold any positions related to securities mentioned in this report at publication time.
