Wheat futures are called 8 to 10 cents lower on spillover from neighboring pits
By Pro Farmer
Wed 01 May 2013 08:28:06 CT
Wheat futures at all three exchanges ended the overnight session mostly 9 to 11 cents lower on spillover from neighboring pits.
But what futures managed to post sharp gains yesterday in the face of weakness in the corn and soybean markets; traders could opt to do the same again today given concerns about the HRW wheat crop.
The first day of the Wheat Quality Council's HRW wheat tour found yield potential in central and northern Kansas and far southern Nebraska below last year and the five-year average. Scouts will take samples from western and southern Kansas today -- where crops suffered greater drought and freeze damage.
Additionally, another wintry blast is moving across the Northern Plains today, dumping snow on the already-saturated region. Spring wheat planting remains stalled.
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