Chicago Board of Trade grain and soy complex trends at 12:35 pm CDT (1735 GMT) Wednesday. September wheat down 18 cents at $6.56-3/4 a bushel. Market tumbled on technical selling, pushing front-month September to a one-week low. Sell-stops triggered early as most-active December and new-crop July fell below support at $7 a bushel, traders said.
Traders estimated fund selling in CBOT wheat by midday at 10,000 to 15,000 contracts. KCBT September wheat down 15 cents at $6.85-3/4 a bushel; MGEX September spring wheat down 9-1/4 at $6.96. European wheat market mixed, pares advances after CBOT fall. Australia set for jump in wheat stocks at year-end. September corn up 1 cent at $4.06-1/4 a bushel; new-crop December up 1-1/2 at $4.22. Short-covering bounce after Tuesday's big sell-off, but rally capped by spillover weakness from wheat. Market underpinned by solid demand for corn amid the drought-reduced supply of feedgrains this year in Russia.
September soyabeans down 2-1/4 cents at $9.97-1/4 per bushel, November down 2-1/2 at $9.96-1/2. Turned lower as the sell-off in wheat stalled a recovery bounce after Tuesday's declines. The approach of an expected record-large US soyabean harvest also hangs over the market. Market underpinned by brisk export sales of US soya, especially to China. Firm cash soyabean basis in US Midwest interior adds support, although rising barge freight has pressured river bids. Trade awaits US Census July soya crush data on Thursday; average trade estimate for the crush at 128.4 million bushels.
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