Wheat is lower so far on Wednesday morning, with losses in all three markets. The wheat complex continued losses into the Tuesday close. Chicago SRW futures were 9 to 11 1/4 cents lower across most contracts. Open interest showed new selling, up 16,479 contracts. KC HRW futures were 6 to 7 cents in the red at the close. OI was up 4,519 contracts. MPLS spring wheat was down 2 to 3 3/4 cents across the front months. Large world supplies among major exporters is looming over the market.
The forecast for the next week calls for a dry pattern in much of the Southern Plains. The 7-day QPF from NOAA shows SRW country with as much as an inch.
