US wheat futures closed lower on Friday, pressured by bearish US and world wheat ending stocks numbers in USDA's October crop production and supply/demand reports. CBOT December wheat down 6 cents per bushel at $4.68. Funds sold 3,000 lots. USDA said 2009/10 US wheat ending stocks at 864 million bushels, up from an average of analysts' estimates for 802 million and above the USDA forecast in September for 743 million.
USDA boosted world wheat production for 2009/10 to 668.12 million tonnes from the previous 663.72 million. Morocco tenders for 200,000 tonnes soft wheat from EU. Australia's wheat forecast likely seen edging up. Canada raises wheat outlook 4 percent. Cold weather over the weekend to boost final harvest of US spring wheat crop but accompanying snow in some areas may slow combining, adequate soil moisture seen for early growth of US Plains HRW wheat and recent rainfall boosting wheat crop prospects in Argentina.
Comments
Comments are closed.