The wheat market is continuing to slide lower, as contracts are facing another round of early morning weakness. Wheat posted mixed trade on Wednesday, with most contracts hard red contracts lower and soft red heading higher. Chicago SRW wheat was mostly 3 to 4 higher, vs. losses on Tuesday. Preliminary open interest rose 5,000 contracts on Tuesday. KC HRW futures were fractionally to a penny lower across the front months. Tuesday’s preliminary OI was up 2,601 contracts. MPLS spring wheat futures were down 1 to 2 cents.
USDA will release their Export Sales report on Thursday, with traders looking for 2025/26 wheat bookings in a range of 300,000 to 700,000 MT.
