Wheat Holding Steady so far on Wednesday Morning

Wheat is trading with mixed action early on Wednesday with CBT holding higher and the hard wheats fading lower. The wheat complex was mixed on Tuesday, with the spring wheat market holding up and winter wheats on the weaker side. Chicago SRW contracts was mixed, with front months down 1 to 10 ¼ cents and deferreds fractionally to 2 cents higher. Open interest slipped 7,720 contracts mainly on liquidation in the September contract (-14,165). KC HRW futures was the weakest of the wheat markets, with contracts down 5 ¼ to 15 cents at the close. Open interest was up just 168 contracts. MPLS spring wheat was the firmer of the three exchanges, with contracts fractionally to 1 ¼ cents higher across most months.

This week’s NASS Crop Progress spring wheat conditions up 1% at 52% gd/ex, with the Brugler500 index back up 5 points to 344. The only states with dropping conditions were MT (-3) and WA (-5), with ID (+8), ND (+5), MN (+4) seeing improvement. 

EU soft wheat exports since July 1 have totaled 1.48 MMT to 8/16 according to the European Commission, which is lagging the 2.9 MMT total in the same period last year. 

Sep 26 CBOT Wheat  closed at $6.64 1/2, down 10 1/4 cents, currently up 1 cent

Dec 26 CBOT Wheat  closed at $6.81 1/4, down 8 cents, currently up 1 1/4 cents

Sep 26 KCBT Wheat  closed at $7.43 3/4, down 15 cents, currently down 2 3/4 cents

Dec 26 KCBT Wheat  closed at $7.58 1/2, down 13 1/4 cents, currently down 2 3/4 cents

Sep 26 MIAX Wheat  closed at $6.76 1/4, up 1 1/4 cents, currently down 1 1/2 cents

Dec 26 MIAX Wheat  closed at $7.04 3/4, up 3/4 cent, currently down 1 1/4 cents