Wheat futures on the Chicago Board of Trade posted modest declines on Friday as ample world supplies and strong export competition overshadowed fund short-covering and worries about US harvest delays. CBOT July wheat dipped to a 1-1/2 week low of $5.00-1/2 per bushel but held above support at its 50-day moving average near $5.
K.C. hard red winter wheat futures closed higher, supported by the return of harvest-delaying rains to the southern US Plains. Heavy rains are expected in Texas, Oklahoma and southern Kansas through the middle of next week. MGEX spring wheat futures closed lower on favorable crop weather in the northern US Plains.
Egypt's state grain buyer purchased 180,000 tonnes of Russian and Romanian wheat in a tender for July 11-20 shipment, its second purchase for that time slot in as many days. No US wheat was offered. For the week, CBOT July wheat fell 13-1/4 cents per bushel or 2.6 percent, retreating from the previous week's 8 percent rally. K.C. July wheat fell 9-1/4 cents or 1.7 percent. MGEX July spring what fell 10-1/4 cents or 1.8 percent.
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