Wheat futures at the Chicago Board of Trade were lower at midsession on Wednesday, setting back from Tuesday's late rally as concerns eased about US and European wheat production, traders said.
Scouts on the first day of a three-day Kansas wheat tour late Tuesday reported hard red winter wheat yields in line with last year, despite variable damage from an early April freeze.
Also, initial reports from the tour on Wednesday indicated that fields in western Kansas showed above-average yield potential, the scouts said. Hard red winter wheat is the largest US wheat class, and Kansas is the largest producer.
As of 11:35 am CDT (1635 GMT), CBOT May wheat was down 5-1/4 cents at $4.83-1/4, with most-active July down 7 at $4.94 and December down 7-1/2 at $5.13-1/4.
Fimat USA, Man Financial and Fortis each sold 200 July, traders said. Continued large deliveries on the May contract weighed on the spot month. There were 1,859 deliveries on the May for Wednesday, with only weak stoppers.
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