Wheat is trading with losses across all three markets on Wednesday morning. The wheat complex posted some mixed trade across the three exchanges, as the Chicago market was the strongest of the three. CBT soft red wheat futures were up 2 to 3 cents on the day. Preliminary open interest was down 15,361 contracts on Tuesday. KC HRW futures closed the session with losses of 3 to 4 cents. OI was down 5,330 contracts on Tuesday, with September down 8,825 contracts (with FND on Friday) and other contracts rising.  MPLS spring wheat saw 2 to 5 ¼ cent losses at the close.

The next week shows heavy rain totals of 1 to 3 inches across a wide swath of the Southern Plains. 

Russia’s wheat crop estimate from IKAR was raised by 0.5 MMT to 86 MMT, with the exports raised by the same to 43 MMT. The European Commission estimates the EU soft wheat exports at 2.18 MMT from July 1 to August 24, lagging behind the 4.15 MMT total last year. 

Sep 25 CBOT Wheat  closed at $5.09 1/2, up 2 3/4 cents, currently down 5 3/4 cents

Dec 25 CBOT Wheat  closed at $5.31 3/4, up 2 cents, currently down 5 1/2 cents

Sep 25 KCBT Wheat  closed at $4.93, down 3 3/4 cents, currently down 6 3/4 cents

Dec 25 KCBT Wheat  closed at $5.17 3/4, down 3 cents, currently down 5 3/4 cents

Sep 25 MGEX Wheat  closed at $5.66 1/4, down 5 1/4 cents, currently down 1 3/4 cents

Dec 25 MGEX Wheat  closed at $5.90 3/4, down 2 3/4 cents, currently down 2 1/2 cents