Wheat is showing slight mixed action on Wednesday AM trade, with most contracts steady. The wheat complex was mixed across the three markets on Tuesday. Chicago SRW wheat was down 3 to 4 cents at the close. Preliminary open interest in CBT was up 6,398 contracts. KC HRW futures saw fractionally higher trade into the closing bell. MPLS spring wheat saw 2 to 3 cent losses.

President Trump announced a preliminary trade deal with Indonesia on Tuesday, reportedly including commitments to purchase $4.5 billion in ag products.

The Monday afternoon Crop Progress report showed the US winter wheat crop at 63% harvested, 1% below the 5-year average pace. The Spring wheat crop was 78% headed, 3% ahead of normal, with conditions up 4% to 54% gd/ex, as the Brugler500 index was up 8 points to 345. The improvement was mainly in MN (+14), with MT (+8), ND (+6), and SD (+5) seeing better ratings. 

A Taiwan wheat importer purchased a total of 89,650 MT of wheat from the US in their tender overnight.

Russian wheat production is estimated at 83.6 MMT by Sovecon, a 0.6 MMT increase from their prior number. Algeria purchased a large chunk of wheat on Tuesday, with an estimated 1 MMT bought. FranceAgriMer estimates the soft wheat ending stocks for the French wheat crop at 3.87 MMT, which would be above the 2.33 MMT from last year. 

Sep 25 CBOT Wheat  closed at $5.38, down 3 1/2 cents, currently down 1 ½ cents

Dec 25 CBOT Wheat  closed at $5.58 3/4, down 3 1/2 cents, currently down 1 cent

Sep 25 KCBT Wheat  closed at $5.23 3/4, up 3/4 cent, currently down ¼ cent

Dec 25 KCBT Wheat  closed at $5.46, up 1/2 cent, currently up ¼ cents

Sep 25 MGEX Wheat  closed at $6.01 1/4, down 2 1/2 cents, currently up ¾ cent

Dec 25 MGEX Wheat  closed at $6.21 1/4, down 2 1/4 cents, currently up 1 cent