December wheat opened 6 cents lower on the session at 721 1/4 and established an early range of 700 1/4 to 725 3/4. December wheat has now traded at or below the previous day's lows for the 10th session in a row on a move to the lowest level since August 9th. Weakness in corn and a continued concern that US wheat will struggle to compete with Russian and Ukrainian wheat on the world export market helped to pressure. The USDA news yesterday of adjustments higher in US and world ending stocks added to the negative tone. Outside market forces are somewhat positive but weakness in corn and soybeans were seen as negative forces. Libya bought 50,000 tonnes of Russian milling wheat overnight. Talk that winter wheat areas in the central and southern plains could see rain amounts of 1-2 inches next week was seen as a negative force to spark some of the selling.
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