Wheat is trading with just modest losses on Thursday morning, following midweek losses. The wheat complex saw Wednesday weakness across the three markets, pressured by Black Sea news. Chicago SRW contracts fell 7 ½ to 16 ½ cents at the close. Open interest suggested new selling interest, rising 4,512 contracts. KC HRW futures were 6 ¼ to 18 ¾ cents in the red on the day. OI was up 512 contracts. MPLS spring wheat saw losses of 3 ¼ to 10 ¼ cents on the midweek session.
Pressure was from Russia’s President Putin agreeing to resume peace talks with the US and Ukraine. Grain exports out of the Black Sea have been severely restricted in the last 2 months.
