Midweek Wheat Trading Sees Gains Amid Slower Planting Pace

The midweek trading session for wheat has begun on a positive note, with contracts experiencing gains of 5 to 7 cents.

Chicago SRW saw fractional increases of up to 4 cents in the front months, while deferreds declined by 1 ¼ to 6 ½ cents. Open interest rose by 181 contracts on Tuesday.

Kansas City HRW futures gained between 1 ¼ and 3 ¾ cents at the close, with open interest increasing by just 751 contracts. MPLS spring wheat dropped by 2 ½ to 3 ¾ cents.

On the week's NASS Crop Progress report, only 27% of winter wheat had been planted as of Sunday, lagging behind the 5-year average by 7 percentage points. Emergence was at 8%.