Wheat is trading with weakness on Wednesday morning, with losses across the three markets. The wheat market was mixed on Tuesday, as the soft red contracts led the charge higher, with spring wheat lagging behind. CBT soft red wheat futures were 5 to 7 cents in the green at the Tuesday close. Continued short covering was noted, with open interest down 2,815 contracts. KC HRW futures saw gains of 2 to 5 cents in the nearbys on Tuesday. OI dropped 1,373 contracts on Tuesday. MPLS spring wheat futures closed the Tuesday session with contracts down 1 to 3 cents.
The market continued to see some buying with reports of Chinese interest in US wheat, though we don’t have any confirmation of any purchases due to the government shutdown limiting Export Sales data.
EU wheat exports have totaled 8.03 MMT from July 1 to November 2 according to European Commission data, now down 0.29 MMT from the same period last year.
Dec 25 CBOT Wheat closed at $5.50 1/4, up 6 3/4 cents, currently down 1 3/4 cents
Mar 26 CBOT Wheat closed at $5.62 3/4, up 5 1/4 cents, currently down 1 3/4 cents
Dec 25 KCBT Wheat closed at $5.36 1/2, up 4 3/4 cents, currently down 2 1/2 cents
Mar 26 KCBT Wheat closed at $5.49, up 2 1/2 cents, currently down 2 3/4 cents
Dec 25 MGEX Wheat closed at $5.57 1/4, down 1 1/4 cents, currently down 1 1/4 cents
Mar 26 MGEX Wheat closed at $5.75 1/4, down 2 1/4 cents, currently down 3/4 cent
