Hard red winter wheat futures on the Kansas City Board of Trade ended lower Friday on profit-taking ahead of the weekend following Thursday's rally. The KCBT September wheat contract closed down 28 cents or 3 percent at $9.00 per bushel in the pit, while December dropped 27-3/4 cents to $9.23.
Weakness from soy and corn futures, along with a firmer dollad sliding crude oil prices, favoured bears. Canadian farmers are poised to harvest about 25.426 million tonnes of wheat, up 27 percent from last year. Iraq was taking delivery of around 353,000 tonnes of mainly US hard red winter wheat cargoes purchased earlier this year; and Iran purchased an unknown volume of milling wheat from Kazakhstan in a tender for 100,000 tonnes.
Japan was set to raise its sales price for imported wheat to local flour millers by around 20 percent for the six months from October. Ukraine has completed harvesting of 26.5 million tonnes of wheat, up from 14 million tonnes last year, and raised its grain export forecast. The country has exported 3.2 million tonnes of grain so far in the 2008/2009 season.
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