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Markets

US wheat futures drop on dim export prospects

Published Updated

CHICAGO: Chicago Board of Trade soft red winter wheat futures fell for the ninth time in 10 sessions on Tuesday, weighed down by light export demand for US supplies.

K.C. hard red winter wheat and MGEX spring wheat futures also fell, with MGEX leading the declines with a 4.8 percent drop.

Spring wheat faced additional pressure from early findings on a crop tour of top production state North Dakota that showed damage to the crop stemming from a drought was not as bad as feared.

Egypt's state grain buyer bought 420,000 tonnes of wheat in an international purchase tender, including 300,000 tonnes of Russian wheat. The remainder of the order was split between Romanian and Ukrainian supplies.

Yield prospects for hard red spring wheat in southeastern North Dakota were below average but the Wheat Quality Council tour's early yield calculations were not as bad as some had feared.

 

Copyright Reuters, 2017
 

 

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