Wheat is trading with 4 to 9 cent gains so far on Monday morning. The wheat complex spent the Friday session squaring up ahead of the Monday USDA reports. Chicago SRW futures were fractionally lower, with March up 10 ¾ cents last week. Open interest was up 3,792 contracts on Friday. KC HRW futures closed with steady action, as March was 15 ¼ cents higher on the week. OI was down 463 contracts. MPLS spring wheat was down 3 to 4 cents on the day, as that pushed the March contracts down 3 ¼ cents lower on the week.

USDA will release their Winter wheat Seedings report today, with analysts surveyed by Bloomberg looking for all winter wheat acreage at 32.4 million acres. HRW is seen at 23 million acres, with 5.9 million estimated for SRW and 3.5 million acres for white wheat. US wheat ending stocks are seen down 5 mbu to 896 mbu per the WASDE report.

The quarterly Grain Stocks report is expected to show an average guess of 1.636 bbu of wheat on hand as of December 1. The range of estimates is 1.59 to 1.696 bbu.

Now up to date Commitment of Traders data showed managed money increasing their net short in CBT wheat futures and options as of January 6, taking the total to 107,165 contracts. In KC wheat, spec traders were heading the opposite direction, cutting 2,664 contracts from their net short to 15,655 contracts, the smallest since November 2024.

Mar 26 CBOT Wheat  closed at $5.17 1/4, down 3/4 cent, currently up 7 3/4 cents

May 26 CBOT Wheat  closed at $5.28 3/4, down 1/4 cent, currently up 7 1/4 cents

Mar 26 KCBT Wheat  closed at $5.30 1/4, unch, currently up 9 cents

May 26 KCBT Wheat  closed at $5.43, unch, currently up 7 cents

Mar 26 MIAX Wheat  closed at $5.68 1/2, down 3 3/4 cents, currently up 4 1/4 cents

May 26 MIAX Wheat  closed at $5.78, down 3 1/2 cents, currently up 4 1/4 cents