Wheat futures on the Chicago Board of Trade were lower at midmorning on Friday on follow-through technical selling from Thursday's lower close and a lack of supportive news, traders said.
As of 11:05 am CST (1705 GMT), March wheat was down 3 cents at $4.57-1/4 per bushel, falling through support at its 200-day moving average of $4.57-1/2. May was down 3-1/2 at $4.71 and July was down 3 at $4.79-1/2. Rand Financial sold 200 March contracts, traders said.
There was little news to drive prices. Market fundamentals remained bearish, including expectations of a rebound in world wheat production for 2007 and a sluggish export pace. Wheat futures had underlying support from a slight threat of winterkill in the US Midwest soft red winter wheat belt, where snow cover is spotty. DTN Meteorlogix forecast lows in the single digits to -15 degrees Fahrenheit over the next five days.
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