Wheat is showing mostly higher price action on Wednesday, with most contracts on the plus side in all three exchanges early but fading as we neared noon in Chicago. Chicago SRW wheat is mostly 4 to 5 higher, vs. down 3 to 4 cents at the close on Tuesday. Preliminary open interest in CBT was up 6,398 contracts on Tuesday. KC HRW futures are about a penny per bushel higher at midday on Wednesday, similar to Tuesday’s closes. MPLS spring wheat futures are fractionally higher.
President Trump announced a preliminary trade deal with Indonesia on Tuesday, reportedly including commitments to purchase $4.5 billion in ag products.
