Wheat is looking at mixed trade so far on Tuesday morning, with CBT leading the charge higher. The wheat complex saw mixed action on Monday, with the spring wheat market the weakest. Chicago SRW contracts were up 3 ¾ to 5 ¾ cents on the day. Open interest suggested a rotation of ownership, down just 13 contracts. KC HRW futures posted 3 ½ to 5 ½ cent gains. OI rose 1,726 contracts on Monday. MPLS spring wheat was down 1 ½ to 2 ¾ cents at the close.
NASS Crop Progress data showed 95% of the US winter wheat crop headed by Sunday, 4% ahead of normal. Harvest was pegged at 25%, faster than the 13% average pace. Conditions were up 2% to 27% gd/ex, with the Brugler500 index 4 points higher to 267.
