Wheat Market Recap Report for 9/7/2010
Related Keywords: Agriculture Email Print | September Wheat finished down 5 3/4 at 702 1/2, 10 1/2 off the high and 6 1/2 up from the low. December Wheat closed down 6 at 735 1/4. This was 8 1/4 up from the low and 13 1/4 off the high. December wheat trailed soybeans and corn throughout the day today. After posting a substantial loss overnight, December wheat managed to trim its losses during the day session. Traders said that a rally in the dollar helped to keep the pressure on today with exporters concerned that strength in the dollar could diminish the competitive position of US wheat in North Africa and the Middle East. Reports that Russia might end its ban on grain exports earlier than expected were also credited with generating selling overnight, but the Russian government announced later today that the ban would last through the end of next year’s harvest as had been previously stated. Support on the break is credited to an active tender calendar in wheat. This week’s export inspections for wheat were 22.070 million bushels down from last week’s revised total of 27.496 million. Inspections need to average 24.134 million bushels each week to reach the USDA’s current export projection. The USDA will issue its latest Crop Progress report this afternoon. Traders indicate that there is little interest in the report. Harvest progress for spring wheat as of last week stood. Bron:CME