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As of midday Wednesday, the wheat market is experiencing mixed trends. The Chicago Board of Trade (CBOT) soft red wheat futures are slightly up, with December contracts at $5.29 1/4, an increase of 1/4 cent, while March is down 3/4 cent at $5.45. Kansas City Hard Red Winter (KCBT) December futures increased by 3/4 cent to $5.20 3/4, while March contracts decreased by 2 cents to $5.36. The Minneapolis Grain Exchange (MGEX) December wheat is up 1 cent to $5.62 3/4.
Precipitation is expected to be limited across the Plains, particularly affecting the Soft Red Winter (SRW) areas. Market participants anticipate U.S. wheat exports for the week of October 23 to be between 350,000 to 600,000 metric tons, despite the absence of new USDA data.
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