A generic image of a pen and on top of a chart.
Markets

Mid-Session Wheat Market Report

December wheat opened 6 cents lower on the session at 698 1/2 and established an early range of 691 to 701 1/4. Sluggish export sales, weakness in the other grain markets and more rain due for the winter wheat areas into late in the weekend helped to spark additional selling pressures in wheat today. The early fund selling drove the market to the lowest level since August 9th. Weekly export sales came in at 413,500 metric tonnes. As of September 8th, cumulative wheat sales stand at 47.1% of the USDA forecast for 2011/2012 (current) marketing year versus a 5 year average of 47.4%. Sales of 387,000 metric tonnes are needed each week to reach the USDA forecast. Jordon bought 50,000 tonnes of feedwheat. The EU granted export licenses for 406,000 tonnes which pushed cumulative exports this season to 2.9 million tonnes as compared with 4.8 million last year at this point in the season. Weakness in corn seems to be the primary negative force today.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities