Wheat Market Recap Report for 10/27/2010
Related Keywords: Agriculture Email Print | December Wheat finished up 10 3/4 at 702 3/4, 4 3/4 off the high and 16 1/4 up from the low. March Wheat closed up 10 1/2 at 741 1/2. This was 15 up from the low and 4 off the high. December wheat moved substantially higher today after starting the day session with a modest loss. This took the December contract to its highest level since October 18th. Traders credited the gains to short covering, buying by funds and unwinding of intra-market spreads early in the day by traders who were short wheat. The gain came despite a rather thin tender calendar ahead of tomorrow’s Export Sales report from the USDA, and despite a higher dollar. Export sales need to average 461,500 tonnes each week to reach the USDA’s current export projection. Traders also continue to be concerned over the relatively poor start to the 2011/12 winter wheat growing season, along with the potential for lost soft red winter wheat acres due to dry weather during the winter wheat planting season as well as farmers’ plans to plant more corn and soybeans next spring. Dry areas are also considered a problem in parts of the hard red winter wheat belt in the central Plains. December Oats closed down 1 at 370. This was 8 up from the low and 6 off the high.