Wheat is trading with early weakness in most contracts on Wednesday morning. The wheat market was mixed at the Tuesday close, with Chicago contracts up and spring wheat lower. Chicago SRW futures were 2 ¼ to 3 ¾ cents higher at the close. Open interest suggested modest new buying, up 8,399 contracts. KC HRW futures were steady, with most contracts fractionally mixed. OI was rose 3,691 contracts. MPLS spring wheat was down 4 to 6 ¾ cents on the day.
Crop Progress data showed the winter wheat crop at 71% headed, which was 13 percentage points head of normal. Condition ratings were down 1% to 27% gd/ex. The Brugler500 index was down 6 points to 271. Conditions in KS and CO were down 12 points, with MS dropping 8 points and TX down 11 points, as an average of the major HRW states were down another 7 points to 220. The average of major SRW states was up 1 point to 359 on the Brugerl500 index, as white wheat states saw a 1 point increase to 383.
