Wheat is showing losses across the three exchanges on Wednesday morning, as bulls are failing to hold recent ground gained. The wheat complex saw mixed trade on Tuesday, with spring wheat leading the way higher. CBT soft red wheat futures were fractionally to 2 cents higher. Preliminary open interest was down 3,552 contracts, as the Goldman roll saw December drop 20.504 contracts and March up 12,359 contracts. KC HRW futures saw Tuesday trade steady to 4 cents lower. Open interest was down 4,012 contracts on Tuesday. MPLS spring wheat futures were up 5 to 6 cents on the day.
USDA is expected to release their WASDE this Friday despite the ongoing shutdown, with a Reuters survey showing analysts looking for US wheat stocks at 867 mbu, a 23 mbu increase from the September report, likely including the increased production.
