The wheat complex is down across the winter wheat markets on Wednesday, with MPLS trying to hold up. Wheat was under pressure on Tuesday, as contracts closed with losses across the three markets. Chicago SRW futures were 8 to 9 cents in the red at the close. Tuesday’s preliminary open interest was up 2,402 contracts. KC contracts were down 7 to 8 cents on the day. Preliminary OI was up 3,698 contracts on Tuesday. MPLS spring wheat was just 3 to 4 cents lower in the front months.
On Wednesday morning, President Trump posted that tariffs on India will rise to 25% on August 1, citing the trade deficit and their buying of Russian crude oil.
