Mid-Session Wheat Market Report
Wed 30 Jan 2013 11:31:07 CT
Related Keywords: Agriculture

KC and Chicago wheat are trading higher midday on the heels of a sharply higher trade in the corn and soybean markets. Dry weather in Argentina is adding risk that corn and soybean production could be slashed at a time where inventories are tight and demand is high. Wheat found support from the higher trade in the other markets along with technical buying interest. The western plains saw light precipitation yesterday which aided dry conditions in some areas while added very little benefit to others. The eastern Corn Belt saw another round of beneficial rainfall in the last 24 hours which should help the Chicago soft wheat crop in the spring. Export demand remains unimpressive and the US missed the Syrian tender overnight but still has a shot at Jordan coming up. India remains extremely active in the export market which could add long term headwinds for the bull camp. The US Dollar is sharply lower on the day after a worse than expected GDP report which is adding strength to the broader commodity complex.


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