Wheat futures settled to 1 higher in KC HRW today, with the market building in a modest weather premium against weekend freeze damage. Areas with little or no snow cover could be at risk of winter kill, particularly southern and eastern KS. Some -7 to -8 degree F temps were recorded on Sunday. That said, winterkill is notoriously difficult to quantify ahead of the crop breaking dormancy in February. This morning, USDA indicated all wheat export sales for the week ending 12/21 were on the low side at 478,400 MT, with another 62,100 MT for 2018/19 delivery. The Commitment of Traders report showed the big manage money spec funds lightening up ahead of year end. They were still net short 145,735 contracts in CBT wheat on 12/26.

Market Commentary provided by:

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