Wheat is trading with gains so far on Thursday AM. The wheat complex rallied across the three exchanges on the midweek session. Chicago SRW contracts was up 10 to 16 1/4 cents across most contracts. Open interest suggested short covering, at least in the front two contracts, down 13,898 contracts. KC HRW futures were 12 ½ to 18 ½ cents higher on the session. Open interest was up 6,618 contracts. MPLS spring wheat was 13 to 17 ¾ cents in the green at the close.
Disruptions in the Black Sea is continuing to add support to the wheat market. The recent rise in strikes over the last few months on port infrastructure and vessels comes at a time when Black Sea exports typically pick up following harvest.
