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KCBT wheat futures traded higher Monday morning before failing to hold support and settling lower on the day, traders said. Further profit taking from Friday's session and a lack of new export demand for wheat weighed on the market. Dry weather continued in the Great Plains. The market settled down 2 3/4 to 5 cents.
Wheat futures continued to decline on Tuesday, with an overall liquidation in the wheat and corn markets. A stronger U.S. Dollar also put pressure on the wheat market. Stats Canada reported 20.69 million metric tonnes in wheat stocks, a little lower than the trade expected but the market shrugged off the news, traders said. On the day, prices were down 9 to 10 3/4 cents.
A stronger U.S. Dollar and a bearish weather forecast for Argentina placed the wheat markets under pressure early on Wednesday, traders said. The possibility of new export business in the world marketplace sparked buying interest in wheat, traders said. While some rain was in the forecast for U.S. HRW wheat growing areas, it was due to hit more eastern areas and not the dry western ridge of the HRW wheat belt, traders added. The market settled mostly higher.
KCBT HRW wheat futures were lower most of Thursday as traders positioned themselves ahead of Friday's USDA crop production and supply and demand reports, traders said. The U.S. Dollar traded higher and export sales reports were poor, both of which weighed on wheat pricing. While rain fell in parts of central and eastern Kansas the previous day and overnight, the next storm system expected this weekend and into next week favored the eastern areas of the HRW wheat belt, traders said. The market settled down 8 3/4 to 9 cents.
Kansas City wheat futures traded higher early Friday, covering short positions ahead of today's USDA reports released at 11:00 a.m. and follow-through buying on bullish data, according to traders. U.S. wheat ending stocks were estimated at 691 million bushels, below the average guess of 728 million bushels. This news was friendly to wheat, as was a 1 million metric tonne addition to world wheat carryout over the average guess, traders added. The forecast looking forward for HRW wheat areas was not as promising a factor in the marketplace today, also supportive of Kansas City wheat prices, traders said. Corn stocks were mostly bearish, bringing grain markets off of the highs of the morning, traders added. The market settled down 1/4 a cent to 1 1/4 cents.
Other Items to Note:
- This week the protein premium scale was 5 cents higher on 11.4 percent and 12 through 12.8 percent; 4 cents higher on 11.6 percent; and 8 cents higher on 11.8 percent.
- Estimated trading volume for the week at the Kansas City Board of Trade was 168,052 contracts.