Dec Wheat finished down 8.50 at 751.50, 22.75 off the high and 5.50 up from the low.
Mar Wheat closed down 6.25 at 789. This was 6 up from the low and 19 off the high.
Dec Wheat tried to follow the other grains higher early in the session but improving crop and weather for the southern plains and talk of rain in the forecast for Argentina growing areas helped to pressure.
The USD weakness helped push the market over yesterday's highs before pushing lower on the day into the mid-session.
A weaker USD and strength in energy and other commodity markets helped support the market early.
A turn down in Soybeans and fears of continued stiff competition for the export market helped to pressure.
In the Egypt optional origin tender, they bought a total of 300,000 tons of Wheat from Russia and Kazakhstan.
Stats Canada pegged July 31st Wheat stocks at 7.19-M tons as compared with trade expectations near 6.2-M tons and this news added to the negative tone into the mid-session.
The outside-day down and move to the lowest level since level since August 17th.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.