Wheat is showing losses as we kick off the Wednesday session, with contracts down 1 to 4 cents across the three markets. The wheat complex ended the Tuesday session with contracts mostly higher. Chicago SRW futures were the exception, fractionally mixed across the board. There have yet to be any deliveries against December CBT wheat since FND. KC HRW contracts were up 3/4 to 2 1/4 cents across the board. Preliminary open interest was up 3,097 contracts on Tuesday. MPLS spring wheat was up 1 to 2 ½ cents, as Dec closed up 9 cents.

After easing of some drier conditions through November, dryness is creeping back into much of the US winter wheat growing regions over the next week.

Japan is tendering for 111,405 MT of wheat from Australia, Canada, and the US, with 56,945 MT US specific. The EU has exported 9.48 MMT of soft wheat from the first of July through December 1 according to the European Commission. That is well below the 13.75 MMT from the same point last year.

Dec 24 CBOT Wheat  closed at $5.36 3/4, down 3/4 cent, currently unch 

Mar 25 CBOT Wheat  closed at $5.47 1/2, up 1/4 cent, currently down 4 1/2 cents

Dec 24 KCBT Wheat  closed at $5.24 3/4, up 1 cent, currently down unch

Mar 25 KCBT Wheat  closed at $5.41 3/4, up 1 1/4 cents, currently down 2 3/4 cents

Dec 24 MGEX Wheat  closed at $5.69, up 9 cents, currently down unch

Mar 25 MGEX Wheat  closed at $5.90, up 2 1/4 cents, currently down 1 1/4 cents