Wheat is showing mixed action on Thursday AM trade, with CBT the strongest. The wheat complex saw weakness on Wednesday. Crude oil losses of $4.48 on Wednesday continued to be a pressure factor, but are bouncing $2.74 this morning. Chicago SRW futures were 10 to 13 cents lower at the close. Open interest suggested longs were exiting, down 4,384 contracts. KC HRW futures saw Wednesday losses of 2 ½ to 7 ½ cents. MPLS spring wheat posted 2 to 11 cent losses on the session
Crop Progress data showed the US spring wheat crop at 89% planted, 7 percentage points ahead of the 5-year average pace of 79%. Emergence was pegged at 56%. Montana was the only state to lag behind their normal emergence.
