Wheat is showing double digit strength on Wednesday morning with gains of 9 ¼ to 13 ½ cents. The wheat complex is showing mostly higher trade on Tuesday, pushing off early losses. Chicago SRW contracts were 3 ¾ to 8 ¾ cents higher across the board. Open interest was down 3,675 contracts on Tuesday. KC HRW futures were 3 ½ to 7 ¾ cents in the green at the close. OI was down just 55 contracts on Tuesday, suggesting a rotation of ownership. MPLS spring wheat was mixed with contracts down 1 ¼ to ¼ cent higher.
On Monday, Ukraine’s President Zelensky stated there will be a diplomatic track with Russia in regard to the Black Sea attack.
