Wheat prices are showing a mixed but mostly higher trend on Wednesday morning, with spring wheat lagging behind other varieties. The wheat complex saw declines across all three major markets on Tuesday, with Chicago SRW contracts closing between 1 to 7 cents lower. Open interest in these contracts rose by 2,876. KC HRW futures also fell, with some deferred contracts down by up to 8 ¾ cents, while open interest increased by 1,082 contracts. MPLS spring wheat experienced the steepest declines, ranging from 4 ¾ to 14 ½ cents.
Weekly NASS Crop Progress data revealed that 76% of the winter wheat crop had been planted as of Sunday, lagging the 5-year average by 1 percentage point. Emergence of the crop stood at 53%. The USDA’s GAIN reports provided updates on wheat production in Australia and Argentina, with Australia’s production estimated at 32 MMT, 1 MMT above the official USDA number, and Argentina’s at 23 MMT, which is 1.5 MMT higher than the official data.
EU wheat exports from July 1 to October 25 have totaled 9.21 MMT, marking a slight increase of 0.07 MMT from the same period last year.