Wheat is showing early gains so far on Tuesday morning. The wheat complex held onto the gains to start the week. Chicago SRW contracts closed out the Monday session with contracts 5 ½ to 9 ½ cents higher. Open interest slipped just 460 contracts. KC HRW futures were 4 to 7 cents in the green at the Monday close. OI was just 326 contracts higher. MPLS spring wheat posted 7 ½ to 10 ½ cent gains on the day.
Weekly NASS Crop Progress data showed 36% of winter wheat crop was planted as of Sunday, lagging the 5 year average for planting pace by 10 percentage points. Emergence was at 16%.
