CBOT Closing Comments
U.S. wheat prices dived for the second straight day Wednesday on outlooks for more wheat to move into global marketing channels, traders said.
The U.S. Agriculture Department is forecasting that the world wheat producers will harvest their largest crop in history -- more than 670 million tonnes, up nearly 10 percent from 2007/08. That outlook is beginning to have more of an impact on prices.
Additionally, leading wheat exporters Australia and Argentina were expected to benefit from much-needed rains for their crops.
Funds sold an estimated 4,000 contracts as CBOT wheat closed around 27-29 cents weaker.
Trading was choppy in both corn and soybeans - underpinned by weakness in the dollar and strength in crude oil.
But the sell-off in wheat, combined with outlooks for a few more showers across the Midwest crop belt this week, were weighing on prices.
Relatively light trade is occurring so far this week as positions become consolidated and square ahead of the extended holiday weekend.
Corn closed mostly around 2c firmer and soybeans mixed 10c firmer to 1 1/2c lower.
The U.S. Agriculture Department is forecasting that the world wheat producers will harvest their largest crop in history -- more than 670 million tonnes, up nearly 10 percent from 2007/08. That outlook is beginning to have more of an impact on prices.
Additionally, leading wheat exporters Australia and Argentina were expected to benefit from much-needed rains for their crops.
Funds sold an estimated 4,000 contracts as CBOT wheat closed around 27-29 cents weaker.
Trading was choppy in both corn and soybeans - underpinned by weakness in the dollar and strength in crude oil.
But the sell-off in wheat, combined with outlooks for a few more showers across the Midwest crop belt this week, were weighing on prices.
Relatively light trade is occurring so far this week as positions become consolidated and square ahead of the extended holiday weekend.
Corn closed mostly around 2c firmer and soybeans mixed 10c firmer to 1 1/2c lower.
