Wheat is trading with slight gains on Wednesday morning. The wheat market saw strength on Tuesday, as all three exchanges were higher on Tuesday. CBT soft red wheat futures were 8 to 9 ¾ cents in the green on the day. Preliminary open interest data suggested some short covering, down 2,304 contracts. KC HRW futures posted 8 ½ to 9 ¼ cent gains at the close. OI was down 606 contracts on Tuesday. MPLS spring wheat futures closed the Tuesday session with contracts up 1 ¾ to 3 ¾ cents.
Crop Progress data showed the US winter wheat crop at 20% planted, down 3 points from average. Emergence was listed at 4%, on par with average. Spring wheat was 96% harvested and matches the 5-year average pace.
The European Commission estimates the EU wheat exports from July 1 to September 21 at 4.12 MMT, a drop from the 6.13 MMT in the year prior. Algeria purchased nearly 600,000 MT wheat in a tender on Tuesday. South Korean mills purchased a total of 50,000 MT of wheat for import from the US overnight.
Dec 25 CBOT Wheat closed at $5.20 1/2, up 9 3/4 cents, currently up ¾ cent
Mar 26 CBOT Wheat closed at $5.39, up 9 1/2 cents, currently up ¾ cent
Dec 25 KCBT Wheat closed at $5.11 1/2, up 9 1/4 cents, currently up 1 ¼ cents
Mar 26 KCBT Wheat closed at $5.32 1/2, up 8 3/4 cents, currently up 1 cent
Dec 25 MGEX Wheat closed at $5.68 3/4, up 3 3/4 cents, currently up 1 cents
Mar 26 MGEX Wheat closed at $5.88 3/4, up 3 1/4 cents, currently up ½ cent
