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Markets

CBOT wheat ends mixed after choppy session

Published Updated

CHICAGO: Chicago Board of Trade wheat closed narrowly mixed on Tuesday after a choppy, directionless session, traders said.

Most-active CBOT December wheat settled down 1/2 cent at $4.43 a bushel after falling to a one-week low at $4.35-3/4; back months closed modestly higher.

K.C. December hard red winter wheat ended down 1/4 cent at $4.42 a bushel while MGEX December spring wheat fell 5 cents at $6.17-1/4 a bushel after dipping to $6.15, its lowest since mid-June.

Futures had little reaction to news that Egypt's state grain buyer purchased 175,000 tonnes of Russian wheat in a tender. No US wheat was offered.

Egypt received offers from six suppliers, down from the roughly 15 that normally bid to the world's largest wheat buyer, as traders held back due to a dispute over two blocked import cargoes.

The US Department of Agriculture said the US 2018 winter wheat crop was 13 percent planted by Sunday, slightly behind the five-year average of 15 percent.

A Statistics Canada survey based in part on satellite and climate data put Canada's 2017 all-wheat crop at 27.13 million tonnes, compared with the USDA's current estimate of 26.5 million.

 

Copyright Reuters, 2017
 

 

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