US wheat futures ended firm on short-covering, tied to position-squaring, before the weekend. CBOT September up 1/4 cent per bushel at $4.81-3/4. Funds bought 500 lots. Russian 2009 wheat crop seen 56.5-59.0 million tonnes, down from last year's record 63.8 million but still above average. Russia's Putin asks government to start grain purchases.
Argentina 2009/10 wheat output cut to 9 million tonnes - attache. Australia 2009/1- wheat plantings 13.5 million ha. Rain and cooler temperatures over the next 5-7 days unfavourable for the maturing spring wheat crop in the US Northern Plains and also not conducive to early harvest. Drought continues to impact wheat in Argentina, especially in the major western growing areas and dryness a concern in Urals and western Kazakh and significant crop losses are expected.
Comments
Comments are closed.