Wheat is trading with 15 to 22 cent gains across the three markets early on Wednesday. The wheat complex posted gains across the three exchanges at the Tuesday close. Chicago SRW contracts were up 4 1/4 to 9 3/4 cents on the day. Open interest was up 5,032 contracts, suggesting new buying interest. KC HRW futures were 7 1/2 to 11 3/4 cents higher at the close. OI rose 1,056 contracts on Tuesday. MPLS spring wheat were 4 to 5 ¾ cents higher to round out Tuesday trade. July futures expired on Tuesday.
Russian exports through the Kerch Strait are still limited following last week’s report of restrictions. Overnight, Russia struck several port locations in Odesa, Ukraine in retaliation to recent Ukrainian strikes on Russian tankers in the Sea of Azov. US strikes on Iran overnight also hit a wheat storage facility.
