Dec Chgo Wheat closes 5 ¾ cents lower ($4.12), March 4 ¾ cents lower ($4.29 ¾) and July 3 ½ cents lower ($4.58 ½)
Dec KC Wheat closes 5 cents lower ($4.10 ½), March 4 ¾ cents lower ($4.28 ½) and July 4 ½ cents lower ($4.52 ¼)
Weekly Wheat Export Sales – 234.9 K T. old crop vs. 400-600 K T. expected – no new crop vs. 0-50 K T. expected
Feeble looking weekly export sales coupled with inter-market spreading kept wheat prices on the defensive for the majority of the day. In recent days US wheat futures had been the recipient of inter-market spread buying vs. corn and beans – some of that was given back on Thursday. So far the sharp declines in the value of the US dollar has done little to rally the US wheat markets vs. just keeping them stable. Overall the recent trading range atmosphere remains very much intact.
Interior US cash wheat markets remain quiet and that holds true for the export markets as well. The nearby Chgo wheat spreads widened a bit as the Dec/March continues to find resistance at the 16 ½ – 16 cent under level. KC spreads remain quiet and wide.
I’m getting tired of saying trading range affair but unfortunately it remains most apropos.
Daily Support & Resistance Dec Chgo Wheat: $4.06 – $4.18 Dec KC Wheat: $4.08 – $4.18
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