Wheat is showing weakness early in Wednesday morning trade. The wheat complex was mixed across the three exchanges on Tuesday, with spring wheat holding higher. Chicago SRW futures were fractionally mixed on the day. Open interest was up 6,498 contracts on Tuesday. KC HRW futures also saw fractionally mixed action at the close. There were 11 deliveries issued against December KC wheat overnight. Open interest rose 1,541 contracts. MPLS spring wheat was 5 cents higher in the March contract.
USDA published their monthly WASDE report this morning, showing very few changes to the US balance sheet. Stocks were left unchanged at 901 million bushels, as the World Ag Outlook Board left both the supply and demand numbers alone. There was some adjusting amongst the classes, with HRS stocks up 5 mbu and white wheat down 5 mbu.
