Wheat prices showed mixed trading on Wednesday morning, with Chicago SRW witnessing a decline following a strong rally on Tuesday. On that day, Chicago SRW futures climbed as high as 45 cents, while open interest increased by 5,401 contracts. Kansas City HRW saw similar gains, with a limit rise of 27 ¼ cents in the front months, while MPLS spring wheat prices also rose between 17 ½ and 37 ½ cents. The CBT and KC markets are set for expanded limits of 70 cents on Wednesday.
The USDA Crop Production report from Tuesday revealed winter wheat production at 1.048 billion bushels (bbu), significantly lower than estimates of 1.211 bbu. Hard Red Winter (HRW) production was estimated at 514.8 million bushels (mbu), while Soft Red Winter (SRW) and white winter recorded 300.9 mbu and 231.8 mbu, respectively. Additionally, the first day of the Kansas Wheat Quality Tour reported an average yield of 38.3 bushels per acre (bpa), marking the lowest first-day total since 2023.
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