Wheat is showing mixed action, with contracts mostly weaker in the hard red contracts. The wheat market closed with strength on Monday, with all three markets closing higher. CBT soft red wheat futures were up another 9 to 10 cents. Preliminary open interest was down 1,142 contracts on Monday. KC HRW futures were 7 to 10 cents in the green at the close. OI showed some short covering, down 9,386 contracts. MPLS spring wheat futures saw 4 to 6 cent gains at the close. Monday morning’s Export Inspections rep ...

The corn market was quietly higher pre-dawn Thursday morning. The fact I chose to ignore the obvious Wednesday afternoon doesn’t change the reality the corn market uncovered new buying interest as the December issue (ZCZ25) tested $4.10 yesterday. After posting a low of $4.1050, Dec25 extended this little pop to a high of $4.1925 overnight, though trade volume was only 10,500 contracts. But the market is actually more interesting than that. Recall Wednesday finished with the December issue up 1.0 cent. Last ...