Wheat is showing modest losses on Wednesday morning. The wheat complex posted Tuesday weakness across the three markets. Chicago SRW were down 3 to 9 ½ cents at the close. Open interest rose 600 contracts. KC HRW futures were 2 ½ to 13 ¼ cents in the red. OI slipped 511, contracts. MPLS spring wheat was 4 ¾ to 10 cents lower on the session.
This week’s NASS Crop Progress report showed 96% of the US spring wheat crop harvested by Sunday, even with the average pace. The winter wheat crop was lagging the 5 year average for planting pace by 4 percentage points at 17% complete. Emergence was at 2%.
