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Wheat edges higher as Black Sea strikes offset weaker futures
Chicago SRW fell 7 to 11 cents while open interest rose by 15,741 contracts, suggesting fresh selling as investors await USDA production data.
Wheat prices were mixed early Wednesday, with gains across the complex amid uncertainty tied to Black Sea strikes, according to Yahoo Finance.
Chicago SRW contracts were down 7 to 11 cents, while KC HRW futures fell 8 to 15.3 cents and MPLS spring wheat was lower across most contracts, the report said.
Open interest in Chicago SRW was up 15,741 contracts, a move the article cited as evidence of new selling. The next catalyst is the NASS Crop Production report, with analysts surveyed by Reuters looking for 1.525 billion bushels of wheat production, an 11 million bushel reduction if realized.
The article also pointed to expectations for winter wheat of 981 million bushels and spring wheat of 468 million bushels, with US ending stocks seen at 715 million bushels. It added that EU soft wheat exports totaled 1.01 million metric tons from July 1 to August 9, down from 2.36 million metric tons in the same period last year, based on European Commission data.
Latest closeWheat $653.00 ▲3.6%