Wheat is higher across the three markets so far on Wednesday, with the winter wheats leading the charge. The wheat complex ended the Tuesday session with some strength. Chicago SRW futures were steady to a penny higher in the nearbys. Preliminary open interest was up 340 contracts on Tuesday. KC HRW futures were up 2 to 3 cents across the front months. OI was down 278 contracts on Tuesday, suggesting some short covering. MPLS spring wheat was 2 to 3 cents higher at the close. The US dollar index shot lower on the day, down $1.282 to $95.575 and providing some support.
After premium was taken out on Monday following last weekend’s snow/cold event, the next week looks to be drier for much of the country. Cooler temps are expected to hold for the next week before seeing above normal temps further into February.
