CHICAGO: Chicago Board of Trade wheat futures dropped on Thursday as the US harvest brought new supplies in from farmers' fields and amid widespread selling in commodities, market analysts said.
CBOT September soft red winter wheat slid 12 cents to$4.93-1/2 per bushel.
* K.C. September hard red winter wheat ended 9 cents lower at $4.32-3/4 a bushel, and MGEX September spring wheat dipped 2-1/4 cents to $5.25-1/2.
* The harvest in Kansas, the top US hard red winter wheat-producing state, is progressing quickly as temperatures climb, according to Kansas Wheat, an industry group.
* Losses in CBOT corn futures added pressure on wheat, traders said.
* The grains came under pressure as widespread selling hit commodities markets, said Arlan Suderman, chief commodities economist for broker INTL FCStone. "There's a general bearishness," he said.
* Weekly US export sales of wheat totaled 347,300 tonnes in the latest reporting week, according to the US Department of Agriculture. That was in line with trade forecasts that ranged from 200,000 tonnes to 400,000 tonnes.
Comments
Comments are closed for this article.