Wheat is trading with Tuesday morning gains, up 1 to 7 cents across the three markets. The wheat complex was in give back mode on Monday, with all three markets weaker. Chicago SRW futures were down 14 to 17 cents across most contracts. Preliminary open interest was down 2,709 contracts on Monday, mainly in May. KC HRW futures were down 5 to 6 cents at the close. OI slipped 729 contracts. MPLS spring wheat as down 1 to 3 cents on Monday.
The 7-day forecast is calling for less than ½ inch of precip in western potions of KS, and the OK/TX panhandles. Eastern portions of the Plains are seen with heavier precip totals.
