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Wheat Market Recap Report
Wed 23 Jan 2013 14:32:05 CT
Related Keywords: Agriculture
Related Keywords: Agriculture
March Wheat finished down 4 1/2 at 774 3/4, 10 1/4 off the high and 3 3/4 up from the low. May Wheat closed down 4 3/4 at 783 3/4. This was 3 3/4 up from the low and 10 1/4 off the high.
KC and Chicago wheat traded stronger early in the session but liquidation late in the day took both markets into negative territory into the closing bell. The dry weather in the western plains came back into focus early on which added some buying support to the KC market. Traders have also mentioned additional feed wheat business that may have been done in the eastern Corn Belt after the sharp selloff in wheat vs. corn spreads yesterday. Outside markets were slightly negative with equities trading lower early on but turned positive late in the day. The US Dollar was higher and precious metal markets were showing signs of weakness throughout the day. The export tender lineup is rather thin at the moment with traders looking ahead to the 100,000 tonne Syrian tender deadline towards the end of this month. Recent purchases of Canadian and US wheat from China is considered supportive to the KC market along with the uncertain production outlook next year. Some market participants are estimating that acreage abandonment in the west could be as high as 25% if conditions do not improve in the spring.
March Oats closed up 3/4 at 359 3/4. This was 1 up from the low and 5 off the high.
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*Disclaimer: 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.
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