Wheat is showing double digit gains in the winter wheat contracts so far on Wednesday morning. The wheat complex posted mixed trade on Tuesday, as the soft red and hard red spreads were unwinding. Chicago SRW contracts were 3 ½ to 6 ¼ cents in the green at the close. Open interest was dropped 6,860 contracts implying shorts were covering. KC HRW futures were steady to down 6 ¼ cents on the day. Open interest slipped back 6,973 contracts. MPLS spring wheat posted Tuesday session losses of 1 ¾ to 4 ¾ cents.
NASS Crop Progress data showed the US winter wheat 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. An average of the main 5 HRW states was up 2 points to 213, with SRW states averaging a 357 rating, down 5 points. The main white wheat states slipped 6 points to 367.
