Wheat Market Recap Report for 10/26/2010
Related Keywords: Agriculture Email Print | December Wheat finished up 18 at 692, 7 off the high and 21 1/2 up from the low. March Wheat closed up 18 3/4 at 731. This was 21 1/2 up from the low and 6 1/2 off the high. December wheat surged to start the day session and then added to its gains into early afternoon. Traders credited the gains to technical buying, buying by spreaders versus corn and concern over a lower than expected good-to-excellent quality rating of 47% for the US winter wheat crop on yesterday’s weekly Crop Progress report from the USDA. This was the agency’s first rating of the winter wheat growing season and it was 15% lower than last year. Funds and other specs were buyers in wheat today despite a rally in the dollar. The rally took the December wheat contract to its highest level since October 18th. The tender schedule remains light so far this week with only Oman’s bid for 60,000 tonnes announced so far today. No word yet this week from the world’s biggest buyer, Egypt. December Oats closed up 6 at 371. This was 7 1/4 up from the low and 5 3/4 off the high.Bron:CME