Wheat

Wheat futures are trading 1 to 4 cents higher this morning, with MPLS spring wheat the strongest of the three markets. Wheat ended Tuesday with KC contracts steady, CBT 1-2 higher and MPLS up 4-4 3/4 cents. Preliminary open interest in Chicago was down 4,685 contracts, confirming some profit taking by the shorts. Support from corn spilled over to help ease pressure from a sharply higher US dollar index on Tuesday. Informa numbers released on Tuesday put all spring wheat other than Durum at 12.4 million acres vs. USDA @12.6 million acres. Condition ratings in KS were down 1 point last week to 247, with OK up 15 and TX 2 points better. Japan is seeking 89,937 MT of wheat from the US, Canada, and Australia. The weekly MOA tender will close Thursday, with 33,992 MT sought from the US.




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