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December wheat opened 1/2 cent lower on the day at 511 3/4 and established an early range of 502 3/4 to 512. After firming marginally late in the overnight session, wheat opened lower today and then sold off into early mid session. Favorable planting and growing weather in both the hard and soft red winter wheat belts is generating selling pressure today. Traders said that a sell off in corn and soybeans also added to the negative tone in wheat. Funds were light sellers in the early going today in wheat, corn and soybeans. The government of Saskatchewan reports mixed harvest progress over the past week with some areas seeing favorable dry weather and others being delayed by snow. Spring wheat in Saskatchewan is now 80% harvested with durum wheat at 92% harvested.
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.