Wheat is starting with a slight bounce in Wednesday morning. The wheat complex posted Tuesday losses across all three exchanges at the close. Chicago SRW futures were 1 ¼ to 5 3/4 cents lower at the close. Open interest was up 2,626 contracts on Tuesday. KC HRW futures were 5 3/4 to 12 1/4 cents in the red on the day. Long liquidation was noted, with open interest down 2,513 contracts. MPLS spring wheat was down 7 to 15 cents on Tuesday.
NASS Crop Progress data tallied 87% of the US winter wheat crop as headed, 8% ahead of the average pace. Harvest was 5% complete, 2 percentage points faster than normal. Winter wheat conditions were steady at 26% good/excellent, with the Brugler500 index up 1 point to 269. Ratings in OH were down 10, with TX dropping 9 points. Conditions in OK were up 9 points.