Wheat Mixed, With Chicago Lower

Wheat futures are mixed this morning, down 1 to 2 cents per bushel in Chicago, but up 1 to 2 cents in the KC HRW and MPLS hard wheat contracts. USDA reported higher than expected SRW acreage for 2021 on Tuesday, which appears to be affecting the spreads. The SRW premium weakened on Wednesday as the wheat complex closed mixed. KC and MGE futures ended the day higher with CBT in the red. The 1 1/4 to 3 1/4 cent gains for HRW tightened the SRW/HRW spread to 34 3/4 cents for March. For MPLS spring wheat, the 6 3/4 to 8 cent gains reduced the discount to SRW to 31 3/4 cents for March. USDA’s weekly Export Sales report is expected to show wheat bookings between 250,000 and 500,000 MT, with up to 50k MT for 2021/22. 




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