Wood, who will be 20 on Wednesday, has hit an amazing eight goals in 16 Championship appearances since moving from West Brom in August.
His loan deal ends next month and Hughton wants to keep his options open before deciding whether to extend it.
The Blues' trip to Cardiff today begins a spell of eight games in 29 days. Hughton said: "We will assess him over this period and you have to keep tabs on players that might be available in January.
"We will then make those decisions accordingly."