Mixed Action for Wheat Market on Wednesday Morning
The wheat market is experiencing mixed action on Wednesday morning, with the Chicago Board of Trade (CBT) holding higher and hard wheats fading lower. The spring wheat market has been stronger than winter wheats so far this week.
The CBT's SRW contracts are showing a mix of results, with front months down 1 to 10 ¼ cents and deferreds fractionally to 2 cents higher. Open interest slipped by 7,720 contracts mainly due to liquidation in the September contract (-14,165).
On the other hand, Kansas City HRW futures are the weakest of the wheat markets, with contracts down 5 ¼ to 15 cents at the close. Open interest was up just 168 contracts.
The MPLS spring wheat exchange is showing a firmer tone, with contracts fractionally to 1 ¼ cents higher across most months. This week's NASS Crop Progress report showed that spring wheat conditions are up 1% at 52% good/ex, with the Brugler500 index back up 5 points to 344.