Wheat Market Recap Report for 9/17/2010
Related Keywords: Agriculture Email Print | December Wheat finished up 20 at 739 1/4, 3 3/4 off the high and 16 1/4 up from the low. December wheat moved sharply higher today despite a modest rally in the dollar. This came in conjunction with even sharper rallies in corn, soybeans, cotton and other markets, as investors and end users were buyers in an array of commodity markets. Traders said that world weather problems helped to spark these rallies, with a frost in Alberta, Canada, lingering dryness in parts of Australia and continued worries about an inability to plant part of Russia’s winter wheat crop due to dryness being among the issues that traders were monitoring. There were also reports today that Ukraine may halt grain exports after indicating earlier this week that this would not be the case. India’s Farm Minister said today that India had no plans to lift its 3-year ban on wheat exports despite this year’s record crop of 82 million tonnes. Sources in India report that this is due to concerns that world commodity inflation will result in accelerated and destabilizing food inflation in India. December Oats closed up 13 1/2 at 356. This was 19 3/4 up from the low and 6 1/4 off the high.Bron:CME