Wheat is back to finding more strength, as contracts are up anywhere from 11 to 19 cents The wheat complex shrugged off early weakness on Tuesday, with contracts higher across the three markets. Chicago SRW contracts were 4 to 5 cents in the green. Open interest rose 3,749 contracts on Tuesday, hinting at modest new buying. KC HRW futures were up 9 to 10 ½ cents in the front months. OI showed new buying interest, up 11,090 contracts. MPLS spring wheat was the leader, with contracts 11 to 12 cents higher.
Spring wheat led the charge higher, as Minnesota/the Dakotas through the PWN are seen with little to no precip in the next week according to the NOAA 7-day QPF. The annual spring wheat tour showed a day 1 yield for southern portions of ND at 46 bpa, 4 bpa below last year and slightly above the 45.8 bpa average over the last 5 year.
