Market Commentary
Mid-Session Wheat Market Report

The daily commentaries provide a recap of each commodity's traded price activity, an analysis of the factors that influenced price activity, a recap of any reports released that day, and a look ahead at the next day's schedule. CME Group provides market commentaries for corn, wheat, soybeans, gold and silver.

The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.

Mid-Session Wheat Market Report for 8/27/2008

December wheat opened 1 1/2 cents higher on the day at 856 and established an early range of 820 to 859 1/2. The higher open in wheat met with immediate selling that took the market into lower territory into sharply early mid session. Wheat lost sharply to corn again in the early going. World crop weather is generally beneficial to crops. Rain is expected in the eastern and northern wheat areas of Buenos Aires province. Australia is expecting moderate rains in eastern growing areas and light rains in the western belt, but northern sections of New South Wales - in the east - will start to see deterioration if that rain does not materialize. The Canadian Prairies are cool and wet which is slowing the already late harvest pace, but forecasts do not include any damaging frost at this point. Bangladesh is again tendering for 100,000 tonnes of wheat. Germany issued its latest estimate of production for all crops today. It is up 22.8% to just under 50 million tonnes. This is due to expanded acreage, especially for wheat, and ample rains.

Find a product