Wheat is showing very little price movement early on Wednesday, with most contracts within a penny of unchanged. The wheat market fell lower into the Tuesday close. CBT soft red wheat futures were 4 to 5 cents in the red. Open interest was up 2,885 contracts on Tuesday. KC HRW futures posted losses on the day, with contracts to 4 to 5 cents lower. MPLS spring wheat futures were down 3 to 4 cents across the nearbys.
There is 1 to 3 inches of rain across parts of the winter wheat area over the next week, centered in parts of the eastern portions of the Southern Plains.
Algeria is tendering for 50,000 MT of soft wheat, with a deadline of Wednesday on offers. IKAR estimated the Russian wheat crop at 88 MMT, a 0.5 MMT increase from their prior number. Ukraine’s ag ministry estimates the country’s winter wheat crop at 74% planted. The European Commission estimates the country’s wheat exports at 5.87 MMT as of October 19 since July 1, which is 1.58 MMT below the same week last year
Dec 25 CBOT Wheat closed at $5.00 1/4, down 4 1/2 cents, currently down 1/4 cent
Mar 26 CBOT Wheat closed at $5.16 1/2, down 5 cents, currently down 1/4 cent
Dec 25 KCBT Wheat closed at $4.85, down 5 cents, currently up 1/2 cent
Mar 26 KCBT Wheat closed at $5.05, down 4 1/2 cents, currently unch
Dec 25 MGEX Wheat closed at $5.45 3/4, down 3 3/4 cents, currently up 1 cent
Mar 26 MGEX Wheat closed at $5.65 1/4, down 3 1/4 cents, currently up 3/4 cent
