Markets

Wheat down 2-4 cts, unchanged from early call

CHICAGO : Wheat futures were expected to open 2 to 4 cents per bushel lower on Friday on spillover weakness from the cor

Published July 1, 2011 Updated July 1, 2011 02:58pm

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By Abdul Ahad

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* CBOT wheat prices were seen consolidating after falling to an 11-month low on Thursday following a US Agriculture Department report that showed bigger-than-expected supplies.

* The calls were in line with overnight Globex trading.

* CBOT deferred wheat contracts trading with expanded 90-cent limits due to limit down close on Wednesday. July contract has no limit because it is in the delivery period.

* The US Plains were expected to be mostly dry with just a few light showers in the next few days, good for development of the spring crop in northern areas and harvest of the hard red winter wheat crop in southern areas.

* Kansas farmers to harvest 7.8 million acres of wheat this year - Kansas Agriculture Statistics.

* European Union soft wheat harvest seen down 3.7 percent o 126.53 million tonnes - Coceral.

* Bulgaria expects a 2011 wheat crop of up to 4.1 million tonnes, up from 4.0 million a year earlier - agriculture minister.

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