Related Keywords: Agriculture Email Print | December wheat was down 1 3/4 cents overnight. The dollar was mixed to lower. Deliveries against the September futures contract were 1,808 contracts with the total for the delivery period at 24,676. December wheat surged throughout the day session yesterday supported by fund buying. This erased the previous day’s big losses with the market closing at its highest level in four sessions yesterday. Traders said that support came from a strong buying pace by importers in a variety of markets including the all-important North African market. Traders overlooked their disappointment that the US was unable to get a piece of either the Egyptian or Algerian wheat purchases this week. They also ignored an unexpected boost in Canadian wheat stocks on Wednesday along with yesterday’s report from the Buenos Aires Grains Exchange that pegged this year’s wheat plantings at 4.27 million hectares, up slightly from their previous estimate of 4.2 million. Sources in Argentina also noted that recent rains have also improved the overall crop outlook now that the planting season has come to an end. The USDA announced a sale of 200,000 tonnes of US hard red winter wheat to an unknown destination yesterday. France reported yesterday that its soft wheat exports in July totaled a very strong 1.3 million tonnes, up 40% from July, 2009. The pace of exports continues to be very strong in Europe with the EU granting 943,000 tonnes of export licenses in the latest week. This takes total export licenses for crop year so far to 4.3 million tonnes. Hard red winter wheat planting is underway on the Great Plains in the US and some areas are in need of added soil moisture to promote seed germination and initial plant development. Farmers had hoped for more rain from this week’s tropical storm that pushed heavy rains into parts of Texas. However, rains missed the Texas Panhandle, western Oklahoma and most of Kansas and Nebraska. Traders are expecting another downward revision in world wheat production on today’s reports from the USDA. The USDA is also expected to lower US all-wheat ending stocks for 2010/11 to near 915 million bushels, down 4% from August. Production in both the EU and Russia are expected to be lowered again, but Canada could be revised higher after yesterday’s upward revision in stocks by Stats Canada.Bron:CME