Wheat is looking at a modest recovery early on Wednesday. The wheat complex was pressure across the three markets on Tuesday, with spring wheat leading the bears. Chicago SRW contracts were 8 1/4 to 10 3/4 cents in the red at the close. Open interest suggested longs were exiting, down 8,946 contracts. KC HRW futures posted 13 to 15 1/4 cent losses across the board. Open interest was down 1,959 contracts. MPLS spring wheat was 14 to 24 3/4 cents to lead the bears.
Much of the spring wheat area from MN to ID is expected to receive 1-2 inches of rainfall in the next week, with heavier totals in Canada.
