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Wheat started the week on the defense and traded with losses throughout the session. Early pressure was a result of spillover pressure from a sharply higher U.S. dollar. Additional selling was due to news that Egypt bought 120,000 metric tons of Ukraine wheat. The Minneapolis exchange was the best performer as concerns about tight stocks of high-quality wheat continue to support hard wheat’s.
Wheat started the week higher with support coming from what appeared to be an overall fund buying frenzy. With the EU debt issue soon to be a memory, traders are starting to return to the market. Additional support for the winter wheat exchanges came from weather forecasts that still are calling for warm dry conditions for much of the Southern Plain states. The Minneapolis market was under pressure late in the session as traders took profits on long Minneapolis short Chicago spreads.
Wheat opened the week mixed with the winter wheat contracts lower while the Minneapolis exchanges started higher.
Wheat opened and traded with decent gains to start the week. Support came from a sharply lower U.S. dollar market as the dollar dropped more than a full cent. Additional support came from technical buying as traders try and correct an oversold market condition. Wheat trimmed its gains late in the session on reports of good rains over much of the Southern Plain states.
Wheat opened the week mixed with Chicago and Kansas City steady to higher while Minneapolis opened lower. Technical strength helped to support the winter wheat exchanges as did weather forecasts.
The wheat market traded with strength early in the week. Minneapolis wheat was the market of choice in the wheat exchanges, as early estimates for USDA’s reports had spring wheat production being cut and stocks projected to be the tightest ever.
The wheat exchanges traded on the defense for most of the week. Most of the selling pressure was tied to technical pressure as well as from better-than-expected rains in the Southern Plains.
The wheat market struggled this week, trading lower in all sessions except for one. Wheat was pressured by a bearish USDA crop production report as well as from forecasts calling for rain in the Southern Plains.
To start the week, wheat started higher because of spillover buying from a stronger overnight session and spillover buying from the other grains. Wheat did not have news of its own to trade, so it had to rely on the news of the other grains.