AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 127.04 No Change ▼ 0.00 (0%)
BOP 6.67 No Change ▼ 0.00 (0%)
CNERGY 4.51 No Change ▼ 0.00 (0%)
DCL 8.55 No Change ▼ 0.00 (0%)
DFML 41.44 No Change ▼ 0.00 (0%)
DGKC 86.85 No Change ▼ 0.00 (0%)
FCCL 32.28 No Change ▼ 0.00 (0%)
FFBL 64.80 No Change ▼ 0.00 (0%)
FFL 10.25 No Change ▼ 0.00 (0%)
HUBC 109.57 No Change ▼ 0.00 (0%)
HUMNL 14.68 No Change ▼ 0.00 (0%)
KEL 5.05 No Change ▼ 0.00 (0%)
KOSM 7.46 No Change ▼ 0.00 (0%)
MLCF 41.38 No Change ▼ 0.00 (0%)
NBP 60.41 No Change ▼ 0.00 (0%)
OGDC 190.10 No Change ▼ 0.00 (0%)
PAEL 27.83 No Change ▼ 0.00 (0%)
PIBTL 7.83 No Change ▼ 0.00 (0%)
PPL 150.06 No Change ▼ 0.00 (0%)
PRL 26.88 No Change ▼ 0.00 (0%)
PTC 16.07 No Change ▼ 0.00 (0%)
SEARL 86.00 No Change ▼ 0.00 (0%)
TELE 7.71 No Change ▼ 0.00 (0%)
TOMCL 35.41 No Change ▼ 0.00 (0%)
TPLP 8.12 No Change ▼ 0.00 (0%)
TREET 16.41 No Change ▼ 0.00 (0%)
TRG 53.29 No Change ▼ 0.00 (0%)
UNITY 26.16 No Change ▼ 0.00 (0%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 10,010 Increased By 126.5 (1.28%)
BR30 31,023 Increased By 422.5 (1.38%)
KSE100 94,192 Increased By 836.5 (0.9%)
KSE30 29,201 Increased By 270.2 (0.93%)

Spring wheat futures on the Minneapolis Grain Exchange closed lower on Tuesday as traders, mainly large speculators, continued to liquidate or sell their long holdings of wheat, traders said. Wheat prices had rallied to record highs in late summer, leaving the market loaded with excessive long positions and a portion of the wheat bulls were banking profits and getting out of the market.
MGE wheat closed unchanged to 13 cents per bushel lower with thinly traded July up 14. December ended 13 lower at $8.37 per bushel. Traders said there was nothing in the export arena to give wheat futures a lift, with Japan seeking 85,000 tonnes at its regular weekly tender. Taiwan on Thursday is expected to tender for 42,350 tonnes of US wheat. Wheat analysts and traders said bullish fundamental news, such as tight global stocks and a drought in Australia's wheat region, had already been factored into the market, leaving it vulnerable to a profit-taking setback.
DTN Meteorlogix weather service on Tuesday said Australia's wheat belt needs more rain to prevent further yield losses on that portion of the crop that is in its filling stage of development. Rainfall over the next week will aid fall seeding and winter wheat prospects in the US Plains hard red winter wheat region, but more rain is needed in the far Southwest, Meteorlogix said.
USDA late on Monday said 73 percent of the US winter wheat crop had been planted, behind the 76 percent five-year average. Forty-three percent of the crop had emerged, USDA said.

Copyright Reuters, 2007

Comments

Comments are closed.