Wheat bulls are trying to battle back on Thursday morning, with 4 to 7 cent gains. The wheat complex ignored USDA Grain Stocks report showing tighter stocks on Wednesday, posting losses across the three exchanges. Chicago SRW closed the day with contracts down 5 ½ to 17 cents to lead the weakness. Open interest was up 12,117 contracts on Wednesday. KC HRW futures posted 4 to 10 cent losses on the session. Open interest was up 2,986 contracts. MPLS spring wheat saw weakness of 6 to 7 cents at the close.
The NASS Small Grains Summary from Wednesday showed all wheat production at 1.534 bbu, which was up just 3 mbu from the August Crop Production report and slightly above trade estimates. HRW was tallied at 466 mbu, with SRW at 294 mbu, and white winter wheat at 259 mbu. Spring wheat was pegged at 449.5 mbu.
