Cash bids for hard red winter wheat in the US Plains were mostly steady on Wednesday amid tight storage and light movement, merchants said. Merchants noted steady but light farmer sales. Elevators began to worry about wheat storage space as corn harvest gets under way, a merchant in Oklahoma said.
Some elevators do not yet have ownership of wheat to sell in order to make room for additional wheat and incoming harvested corn. The US Agriculture Department reported 25 percent of Oklahoma's corn crop was harvested as of August 29. Crops in the southern US Plains received a brief respite from dry conditions with one to two inches of rain in portions of Kansas and Oklahoma.
Kansas City Board of Trade September contract fell 22-3/4 cents to settle at $6.87-3/4 on Tuesday. KCBT December contract fell 21-1/2 cents to settle at $7.02-1/2. Germany buys first US spring wheat in three years. Russia will need no grain imports in 2010/11-AgMin.
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