Hard red winter wheat futures on the Kansas City Board of Trade closed lower Friday on profit-taking following Thursdays rally, forecasts for rains in the Plains and on increased country movement of HRW wheat. KCBT May wheat closed 3 cents lower at $6.03 per bushel.
Cash dealers at a couple of locations said there was an increase in farmer selling of hard red winter wheat during a rally of wheat futures on Thursday. Beneficial rainfall expected early next week in eastern growing areas of the US Plains HRW wheat region but no significant precipitation seen for driest and largest acreage region.
Melting snowcover and rainfall next week in the US Northern Plains to cause major flooding in the Red River Valley areas, especially in eastern Dakotas and north-west Minnesota.
Comments
Comments are closed.