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Mid-Session Wheat Market Report for 5/8/2008

July wheat opened 5 1/4 cents higher this morning at 812 3/4 and established an early range of 807 1/2 to 840 3/4. Wheat opened higher and firmed into the early session. This was followed by a new round of highs for the day after 10:15 AM Central. Traders indicate the strength was due to strong export sales in wheat and carryover strength from a limit up move in rice, as well as new all-time highs in corn. Weekly exports sales for wheat came in at 178,800 tonnes for old crop and 312,900 for new crop. Sales of 167,700 tonnes are needed each week to reach the USDA's export projection. Total sales to date stand at 98.0% of projected exports compared to a 5-year average of 95.3%. Sales were good for both hard red and soft red wheat with no featured buyers. In Australia, some forecasters are still calling for dry weather in eastern and southeastern wheat growing areas over the next 7 days with a chance of rain after that. Tunisia bought 109,000 tonnes of wheat to complete a tender announced earlier this week. RICE: Malaysia bought 500,000 tonnes of rice from Thailand. Rice is limit up again today on continued concerns related to the devastation in Myanmar and the Malaysian purchase.




 
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