US wheat futures close down

November 17, 2012

 

US Wheat Futures

US wheat futures fell for the fifth day in a row on Thursday, their longest losing streak in 2-1/2 months, on technical weakness, traders said. Prices were still under pressure from the US Agriculture Department’s surprise boost to ending stocks last week, but the benchmark Chicago Board of Trade December soft red winter wheat contract found support at the one-month low of $8.43-1/4, which was previously hit on November 13.

CBOT December wheat has fallen 6.3 percent during the losing streak, the biggest five-day drop for the benchmark contract since a 6.6 percent decline in early June. Egypt, the world’s biggest importer of wheat, will remove Ukraine from its list of suppliers in 2013 after Kiev said it would halt exports from December 1, the Egyptian government’s main buyer said on Thursday.

Egypt’s GASC also said it expects to buy at least 1.5 million tonnes of wheat between January and April. Analysts expect weekly US Agriculture Department report to show wheat export sales of 250,000 to 450,000 tonnes, up from 220,900 tonnes a week ago. Algeria bought at least 200,000 tonnes of optional-origin milling wheat, likely French, at $364.50 a tonne cost and freight included for shipment in January, European traders said.

 

Courtesy: BR

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