NYMEX CBOT CME CME Group
Mid-Session Wheat Market Report for 7/3/2008

December wheat opened 3 3/4 cents lower on the session at 899 3/4 this morning and established an early trading range of 894 1/4 to 914 3/4. Wheat opened lower this morning but to a lesser degree than either corn or soybeans. Volume was said to be moderate to start with light spreading of wheat versus corn an early feature, and Chicago gained on both KC and Minneapolis in early trade. Some harvest delays were noted for hard red wheat due to thunderstorms overnight, but such problems were said to be scattered and overall harvest pressure pressured KC wheat this morning. Funds were buyers in wheat yesterday and floor traders note that trend-following funds remained substantially short in Chicago wheat on the latest Commitments of Traders Report, in sharp contrast to corn and soybeans. This week's Export Sales Report showed strong sales for wheat. Net sales were 668,100 tonnes. Sales of 371,100 tonnes are needed each week to reach the USDA projection. Total sales to date stand at 34.0% of the projected total compared to a 5-year average of 21.3%. The biggest sale this week was 215,500 tonnes to unknown. Both hard and soft red totals were sizable although the totals were weighted to hard red by over 3 to 1.




 
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