Wheat futures are trading with Thursday morning gains in the winter wheats and steady action in the spring wheat market. The wheat complex is showing weakness across the three exchanges at midday. Chicago SRW futures were 9 to 10 cents lower on Wednesday. Preliminary open interest dropped 2,240 contracts KC HRW futures settled 10 to 11 1/4 cents in the red. OI was down 5,419 contracts on Wednesday. MPLS spring wheat futures were down 1 to 3 cents at the close on Wednesday. Talks of a possible peace deal with Ukraine and Russia were adding pressure.
Rain is expected to fall across much of Southern Plains over the next week, extending over to parts of SRW country. Totals are heaviest in TX, OK, and AR, with 4 to 6 inches expected and other totals over an inch.
