Wheat is trading steady to a penny higher so far in early Wednesday trade. The wheat complex posted higher trade across the three markets on Tuesday. CBT soft red wheat futures posted 9 cent gains across the nearby contracts on Tuesday. Open interest suggested modest short covering, down 843 contracts. KC HRW futures rallied 9 to 10 cents in the front months. Preliminary open interest showed a rotation of ownership, up 556 contracts. MPLS spring wheat futures were up 4 to 5 cents at the close. A weaker US dollar index, down $0.635 was supportive to the complex.

Crop Progress data from NASS showed the US spring wheat crop at 94% harvested, which is 2% faster than normal. The winter wheat crop was listed at 11% planted, vs. the 13% 5-year average pace.

A South Korean mill importer tendered to purchase 30,000 MT of US wheat, due on Thursday. French wheat ending stocks are estimated at 3.64 MMT according to FranceAgriMer, a 0.23 MMT drop from last month’s estimate. They also estimate exports outside of the EU at 7.85 MMT, up 0.35 MMT from the previous number. The European Commission pegs the EU wheat exports at 3.78 MMT from July to September 14, down 1.95 MMT from the same period last year.

Dec 25 CBOT Wheat  closed at $5.34, up 9 cents, currently up ¼ cent

Mar 26 CBOT Wheat  closed at $5.51 3/4, up 9 cents, currently up ¼ cent

Dec 25 KCBT Wheat  closed at $5.23 1/2, up 9 1/2 cents, currently unch

Mar 26 KCBT Wheat  closed at $5.44 1/4, up 9 1/2 cents, currently up ¼ cent

Dec 25 MGEX Wheat  closed at $5.77 1/2, up 4 3/4 cents, currently unch 

Mar 26 MGEX Wheat  closed at $5.97 3/4, up 4 1/4 cents, currently unch