Wheat is showing 2 to 7 cent losses early on Wednesday. The wheat complex was in rally mode on Tuesday, posting double digit gains at the close. Chicago SRW contracts were 9 ½ to 12 cents higher on the day. Open interest was up 7,047 contracts on Tuesday. KC HRW futures were up 10 1/2 to 14 cents in the front months Open interest was down 1,684 contracts. MPLS spring wheat posted gains of 9 ¾ to 11 ½ cents at the close.
Monthly trade data from Census showed 2.057 MMT (75.58 mbu) of wheat exported in August, which was 23.47% below last year but up 24.83% from last month.
