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Mid-Session Wheat Market Report for 11/21/2008

March wheat opened 1 1/2 cents lower on the day at 529 1/2 and established an early range of 521 to 533 1/4. The moderately lower open followed a lower close in the overnight session. Mixed selling after the open resulted in 2-sided trade in the early going, but moderate selling extended the losses into mid session. A rally in the dollar to higher on the day after the open was also said to contribute to the selloff. Wheat gained marginally on corn in the early going as that market encountered moderately heavy selling. Weather in Argentina continues to be dry, allowing rapid harvest progress there. There have also been reports of minor frost damage to the wheat crop in Argentina over the weekend. Some further rains are expected in Australia resulting in minor harvest delays. Trade sources there report a holding mentality by farmers in the first year of the privatized export sales system there.




 
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