Wheat prices continued their downward trend on Wednesday, extending losses from the previous day. Chicago SRW wheat contracts fell 3 to 11 cents, while KC HRW futures dropped 4 ¼ to 8 ½ cents. Minneapolis spring wheat also saw declines of 3 ½ to 8 ¼ cents. The broader wheat complex showed weakness across all three exchanges.
Open interest data suggests new short interest in the market. Chicago SRW contracts saw an increase of 3,244 contracts, while KC HRW futures rose by 2,138 contracts. This indicates growing bearish sentiment among traders.
Weekly NASS Crop Progress data revealed that 63% of the winter wheat crop was planted as of Sunday, lagging behind the 5-year average by 6 percentage points. Planting progress was particularly slow in Kansas (-9%), Michigan (-10%), and Ohio (-22%). Emergence of the crop stood at 39%.
European Commission data showed that EU wheat exports totaled 8.47 million metric tons from July 1 to October 18, matching the export pace from last year. Despite this, wheat futures continued to decline, with Dec 26 CBOT Wheat closing at $6.43 1/4, down 12 cents, and currently down 8 1/2 cents.