NYMEX CBOT CME CME Group
Mid-Session Wheat Market Report for 7/23/2008

December wheat opened 12 3/4 cents lower this morning at 807 and established an early range of 798 to 812. The lower open in wheat was in line with the overnight break. Aggressive selling by locals took the market lower in very early trade. Floor traders reported that funds were also sellers early on. The market firmed somewhat into early mid session, but remained lower. Chicago lost to KC wheat in early trade. Weather is becoming less of a factor as harvest wraps up in Ohio and clear weather allows farmers to concentrate on the few remaining fields, mostly in the extreme northern tier. Beneficial rain is expected today and tomorrow in western spring wheat growing areas. Tunisia is in the market for 42,000 tonnes of soft wheat adding to an already active tender calendar for wheat. Traders report that Iraq may have bought 100,000 tonnes of wheat from Europe on its tender for 50,000 tonnes, but some are expressing doubt as to the low prices being reported.




 
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