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Mid-Session Wheat Market Report for 8/20/2008

December wheat opened 11 1/4 cents higher on the day at 881 1/2 and established an early range of 874 to 891 1/2. Wheat opened higher this morning with traders saying that it was a follower of strength in corn and soybeans. The December contract traded on both sides of the open into early mid session, remaining higher in the process and outpacing the gains in soybeans and corn at one point as those markets softened following a break in crude oil. Weather is a non-factor in the US for wheat. Eastern Australia is expecting some relief from dry conditions in its eastern growing areas over the next few days, but very dry areas in Argentina are not expecting rain until the end of next week. The tail end of harvest in Germany, Great Britain and France is being delayed due to rains and this is causing some concern over possible quality issues. With Pakistan on the sidelines after postponing its latest tender for 250,000 tonnes of wheat, the export calendar is looking a little thinner. The market will get a better indication of demand on tomorrow morning's weekly Export Sales Report.




 
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