Morning wheat prices are back up by 4 to 9 cents across the U.S. classes. That has the March SRW contract sitting at a net 28 cent gain for the week. The wheat futures market softened on Wednesday with a wobble back move. Chicago SRW futures were down by as much as 2 cents, which was not enough to fully offset Tuesday’s rally. March SRW is at a net 19c gain for the week. KC futures were down by 4 to 8 ½ cents. Spring wheat futures in Minneapolis closed the Wednesday session down 3 ¾ to 6 ¼ cents. CME data showed a net 1k fewer SRW contracts in place, mainly via a flight from March. KC lost a net 5.5k contracts on the day, but again most of the loss in OI came from the March contract. 

The weekly Crop Progress report from TX showed winter wheat was 15% headed as of 2/18, compared to 11% on average. Conditions were 40% G/E for a Brugler500 score of 319. KS, OK, and a handful of other states will issue a Feb summary update for the week of 2/25. 

Japan issued a regular tender seeking 116k MT of wheat from U.S., Canada, and Australia. Results are expected today.

Mar 24 CBOT Wheat  closed at $5.83 1/4, up 1/2 cent, currently up 6 1/2 cents

May 24 CBOT Wheat  closed at $5.78, down 1 1/4 cents, currently up 6 1/2 cents

Mar 24 KCBT Wheat  closed at $5.77 1/4, down 8 1/2 cents, currently up 9 3/4 cents

Mar 24 MGEX Wheat  closed at $6.59 1/4, down 6 1/4 cents, currently up 8 3/4 cents