Wheat is slipping back lower early on Wednesday. All three wheat markets closed with gains on Tuesday. Chicago SRW saw gains of 6 to as much as 7 ¼ cents to close out the session. Preliminary open interest in Chicago was up 2,281 contracts. KC contracts were 6 to 7 ½ cents in the green on Turnaround Tuesday. Preliminary OI was up 2,200 contracts on Tuesday. MPLS spring wheat got a recovery on the Tuesday session, with contracts up 3 to 5 ¼ cents at the close.
Japan and the US agreed to a trade deal that was announced late on Tuesday. Tariffs will be set at 15% starting August 1. It also expects to boost rice imports by Japan, with Japan buying $8 billion in ag goods.
