Aussie Wheat Closes A$9.50/ton Lower
Aussie wheat futures have closed sharply lower Tuesday, with benchmark Jan ASX closing A$9.50/ton lower.
Promising July rains are encouraging traders to think that at crop of 23-25 million tonnes is not a pipedream after two years of drought a trader said.
A corrective move lower overnight from what traders described as overextended rally by Chicago wheat was all that was needed to send futures lower.
With technical selling, lack of buyers or fresh fundamental news its hard to find anything to get overly positive about with wheat, traders say.
Promising July rains are encouraging traders to think that at crop of 23-25 million tonnes is not a pipedream after two years of drought a trader said.
A corrective move lower overnight from what traders described as overextended rally by Chicago wheat was all that was needed to send futures lower.
With technical selling, lack of buyers or fresh fundamental news its hard to find anything to get overly positive about with wheat, traders say.
